Opportunity Zones are census tracts designated by the federal government, where investments receive preferential tax treatment under the Tax Cuts and Jobs Act of 2017. The goal is to spur economic development and job creation in these areas by providing tax incentives.
Tamarac’s role in the Opportunity Zones program is to connect Qualified Opportunity Fund funding with eligible projects. The City aims to foster commercial investment and development, as well as promote inclusive and equitable growth for existing businesses and residents while at the same time creating a means for protecting them from displacement.
Why Invest in Opportunity Funds?
Qualified Opportunity Funds allow investors to defer federal taxes on capital gains until December 31, 2026. Investors can reduce their capital gains taxes by up to 15%, and if they hold the investment in the Opportunity Fund for 10 years, investors pay no taxes on gains earned on the new investment.
Where are the Opportunity Zones in Tamarac?
A portion of two census tracts (Census Tract 12011050310 and Census Tract 12011050207) designated as Opportunity Zones are within the boundaries of the City of Tamarac. These same census tracts are also federally designated for the New Market Tax Credit program.
Four Corners Shopping District Redevelopment Area
A portion of Tamarac’s Opportunity Zone is within the Four Corners Shopping District Redevelopment Area. An important retail shopping destination and gateway to Tamarac, the marketing analysis in the 2014 Commercial Arterial Redevelopment Study identified demand at Four Corners that would support additional commercial development. Since the study was published, hundreds of new additional residential units have been built in this area; creating more demand and an untapped opportunity for commercial investment.
For More Information on Opportunity Zones
Please call the City of Tamarac’s Economic Development Office at (954) 597-3513.
Internal Revenue Service IRS | Opportunity Zones Frequently Asked Questions
Economic Innovation Group | Opportunity Zones
Council of Development Finance Agencies Opportunity Zones
Community Development Financial Institutions Fund (CDFI) Opportunity Zones Resources