An Opportunity Zone is an economically-distressed community where new investments, under certain conditions, may be eligible for preferential tax treatment. Localities qualify as Opportunity Zones if they have been nominated for that designation by the state and that nomination has been certified by the Secretary of the U.S. Treasury via his delegation authority to the Internal Revenue Service.
Opportunity Zones provide a new tool for investors, fund managers and communities by utilizing privately sourced funds into eligible economic development and community re-investment projects.
The Tax Cuts and Jobs Act of 2017 was signed into law on December 22, 2017. This act created qualified opportunity zones, based on census tracts. 879 of the tracts designated as opportunity zones are in California. Of those 879 tracts, 3 census tracts are in the City of Fullerton. These tracts have been certified by the U.S. Treasury on April 9, 2018. This certification is valid for 10 years.
Opportunity Zones in the City of Fullerton
3 census tracts in the City are identified as Opportunity Zones
This applies to over 1,500 acres
Fullerton Opportunity Zones are adjacent to regional rail and transit lines