The U.S. Department of the Treasury and the Internal Revenue Service (IRS) have designated Deerfield Beach's census tract 103.04 as a “Qualified Opportunity Zone” - a target for a new federal tax incentive that aims to attract new capital investment and job opportunities. The designated census tract sits between SW 10th Street and SW 15th Street, adjacent to I-95 and South Dixie Highway, and includes approximately 3,944 residents. (See map below)
According to a news release from the U.S. Department of Treasury, “Qualified Opportunity Zones retain this designation for 10 years. Investors can defer tax on any prior gains until no later than December 31, 2026, so long as the gain is reinvested in a Qualified Opportunity Fund, an investment vehicle organized to make investments in Qualified Opportunity Zones.”
Although the U.S. Department of the Treasury is still in the process of developing the Opportunity Zones program, and the IRS is expected to provide further guidelines in the coming months, opportunity zones are expected to spur public-private collaborations.