Purposes of Incentives
- Promote positive forms of new development/redevelopment
- Reward creation and retention of value-added jobs
- Attract targeted businesses
- Revitalize the CRAs
- Increase non-residential tax base
- Foster a diverse employment base
[Land Development Code, Ch. 20]
The Port Orange Opportunity Zone include a portion of the City’s Port Orange Town Center Community Redevelopment Area (CRA).
Opportunity Zones were created under the Tax Cuts and Jobs Act Of 2017, to help fund projects by offering federal income tax benefits to investors and developers. An opportunity zone fund (OZ fund) is an “investment vehicle” formed as a corporation or partnership in which 90 percent or more of its assets are dedicated to projects in designated opportunity zones. OZ funds encourage long-term investment and job creation by providing tax incentives, including a temporary deferral on capital gains taxes, when investors reinvest those gains in qualified Opportunity Funds. The funds must in turn invest in Opportunity Zones.
Click on the Port Orange Opportunity Zone thumbnail above to enlarge map.
For more information on Opportunity Zones in Florida, please visit www.floridajobs.org/opportunityzones.