LaMalfa Applauds Designation of Opportunity Zones in the North State
Apr 12, 2018
(Washington, DC) – Congressman Doug LaMalfa (R-Richvale) issued the following statement after the Internal Revenue Service (IRS) and the U.S. Department of the Treasury announced the designation of Opportunity Zones in 18 states, including many in Northern California. Opportunity Zones were added to the tax code by the Tax Cuts and Jobs Act.
According to the IRS: An Opportunity Zone is a 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.
LaMalfa said: “The creation of Opportunity Zones was a critical component of our new tax law that will help to develop and revitalize distressed communities. Unfortunately, there are many areas in the North State that are in dire need of economic stimulation, but the tax breaks offered by this designation will do a lot of good in our communities. I’m pleased that Treasury and the IRS selected many areas in the North State for the first round of designations. Opportunity Zones are yet another lesser-known provision of the Tax Cuts and Jobs Act that will directly benefit residents in rural California.”
Map of Opportunity Zone region designations in Northern California. [Click Here]
Congressman Doug LaMalfa is a lifelong farmer representing California’s First Congressional District, including Butte, Glenn, Lassen, Modoc, Nevada, Placer, Plumas, Shasta, Sierra, Siskiyou and Tehama Counties.
A link to the announcement form the Department of the Treasury can be found here.