Online Opportunity Zone Survey for Residents, Business Owners
Published on November 07, 2019
(Miami, FL November 7, 2019) - The City of Miami launched an online survey this week to gather resident- and business-owner feedback about their neighborhoods, which will help the City align future residential and commercial development in the City’s federally-designated Opportunity Zones (OZs) with those communities’ existing neighborhood assets, needs and concerns. The data will also help the City better communicate with investors about opportunities in OZs that can help preserve local culture, promote affordability and lead to jobs and small business creation.
Opportunity Zones were created by Congress as part of the Tax Cuts and Jobs Act of 2017, aimed at spurring long-term economic development and job creation in distressed communities throughout the country. The Act allows for Qualified Opportunity Funds, which are private sector investment vehicles, to invest eligible capital gains funds in OZs and thus benefit from a series of capital gains tax savings. Investors in a Qualified Opportunity Fund can defer paying capital gains taxes owed on current funds, reduce the amount of owed capital gains taxes by up to 15%, and have future capital gains earned through an Opportunity Fund investment be tax free if the funds remain invested for ten years.
The City of Miami has 25 Census Tracts that are federal OZs, as outlined in the OZ map here. City residents and business owners are encouraged to take the brief survey (available in English, Spanish, and Creole), by Monday, December 2. For more information on the OZ program, click here.
Links to the City of Miami Survey for Residents:
Links to the City of Miami Survey for Business Owners: