TAX INCENTIVE BENEFITS
Investors in Opportunity Zone development have the chance to change the landscape in low-income or economically distressed communities with their investment. In addition to being a catalyst for these communities, investors receive preferential tax treatment. Opportunity Zone Investors can: reinvest capital gains dollars from any recently sold investment, defer taxes on the original capital gain investment until 2026, reduce capital gain taxes by up to 15% if the investment is held for at least 7 years, and permanently eliminate the tax on new capital gains from the Qualified Opportunity Fund investment after 10 years. Benefits are unlimited because there is not a benefit cap with the Opportunity Zone program.
CENTRAL BUSINESS DISTRICT
Public investment in the Central Business District is already changing the fabric of Oklahoma City with projects including the Boathouse District, Omni Headquarters Hotel, Scissortail Park, Oklahoma Contemporary Arts Center, and the Downtown Street Car. Strawberry Fields is in one of only a few Opportunity Zones located in a Central Business District. Major employers in this area include OG&E Energy Corp, AT&T, Devon Energy Corporation, and Continental Resources. Residences in this District increased 25% between 2010 and 2016.