Alachua County invites businesses to take advantage of the East Gainesville Federally adopted Opportunity Zone. The Opportunity Zone designation offers those starting or moving businesses to this area tax reductions and investment benefits. The area includes incorporated and unincorporated areas of East Gainesville.
Earlier this year, the City of Gainesville and Alachua County jointly nominated areas in incorporated and unincorporated East Gainesville for this program. After receiving nominations from around the state, Governor Rick Scott nominated recommendations to the Federal Government to designate 427 communities in the state of Florida.
Opportunity Zones, as established in the federal Tax Cut and Jobs Act of 2017, encourage long-term investment and job creation in targeted communities by reducing taxes for businesses. Opportunity Zones are a new tool in the toolbox for communities that are looking to grow their economy. The Zones enhance local communities’ ability to attract businesses, developers, and financial institutions to invest in targeted areas by allowing investors to defer capital gains taxes through investments in federally established Opportunity Funds.
View the complete map of Opportunity Zones.
Read the Opportunity Zones Frequently Asked Questions.
The U.S. Department of Treasury will be developing rules regarding the necessary qualifications of Opportunity Funds and eligible investments. Read more about the funds, investments, and full guidance.
For more information, contact Alachua County Economic Development Coordinator Edgar Campa-Palafox at 352-374-5204 or ecp@alachuacounty.us.