Utah Opportunity Zones

Posted by Staff Writer on 4/10/2018 to Federal and State Taxes

IncSmart Utah (Small Business and Startups) - The Trump tax cuts have created Opportunity Zones for Utah. Opportunity Zones create an incentive for growth in communities that are underdeveloped or poor neighborhoods. Utah has 181 area, both rural and urban, that are eligible for the program. The governor can only nominate 46 of these communities for these tax incentives that may attract long term development that currently lack infrastructure and jobs.

The new Opportunity Zones are incentives for the private sector to make investments in poor communities. The program offers investors three incentive programs.

1 - Temporary deferral of capital gains taxes until 2026. This will allow investors to put and keep unrealized gains in an opportunity fund.

2 - A 10 % reduction of how much an investor has to pay on deferred taxes on capital gains if the fund is held for five years, and another 5% reduction if held for seven years.

3 - A tax exemption on capital gains on investments made through the opportunity fund as long as the investor holds them for at least 10 years.

By IncSmart Staff Writer

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