CARSON CITY, Nev. (June 14, 2018) — Governor Brian Sandoval statement after being notified by U.S. Treasury that Nevada’s Opportunity Zone designations have been certified:
“I am incredibly pleased that Nevada’s Opportunity Zone designations have been certified by the U.S. Department of the Treasury and the Internal Revenue Service. As I’ve stated previously, during my Administration we have made significant investments throughout our state, but more work remains to be done. Today’s announcement not only encourages private investment in areas of Nevada that are most in need, it will also kick start construction of affordable housing projects – a priority of my Administration – across the state.
“From Southern Nevada to Northern Nevada and areas in between, the certification of Nevada’s designated Opportunity Zones will benefit communities big and small. I applaud the Trump Administration and Congress for supporting The Tax Cuts and Jobs Act earlier this year.
“Today’s certification is another step in continuing to build the new Nevada and I thank the Governor’s Office of Economic Development and my staff for their diligent work on this issue.”
The Opportunity Zone program, established in The Tax Cuts and Jobs Act of 2017, is a tax incentive, designed to encourage long-term private investment in low-income communities. The program essentially runs on two tracks – first, Governors in each state nominate opportunity zones, which are low-income community census tracts that could benefit from significant private investment. Second, once the zones are certified by the U.S. Treasury Department, interested private investors must invest in opportunity funds, specialized vehicles that can then be utilized to invest in the certified opportunity zones.
You are invited to participate in a full-day knowledge-sharing event about Opportunity Zones organized by The Federal Reserve Bank of San Francisco, The Nevada Governor’s Office of Economic Development, and The State Department of Business and Industry. Space is limited to 400 registrants. Click here to learn more and register now.
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