Low Tax Opportunity Zones, established by the federal Tax Cut and Jobs Act of 2017, encourage long-term investment and job creation in targeted communities by reducing taxes for many job creators. They enhance the 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.
These zones allow private investors to support distressed communities through private equity investment in business and real estate ventures. The incentive is a deferral, reduction and potential elimination of certain federal capital gains taxes. U.S. investors hold trillions of dollars in unrealized capital gains in stocks and mutual funds alone, a significant untapped resource for economic development. Immokalee has 3 Census Tracts included in the Opportunity Zone. The Immokalee airport has parcels of shovel-ready land in the Opportunity Zone.