- Lake County News reports
- Posted On
Clearlake receives federal opportunity zone designation
The U.S. Department of the Treasury and the Internal Revenue Service last week designated opportunity zones in 18 states, including California.
The federal tax bill signed in December 2017 created opportunity zones to spur investment in distressed communities throughout the country.
New investments in opportunity zones are eligible to receive preferential tax treatment and qualified opportunity zones retain the designation for 10 years.
“The opportunity zone designation should provide a nice incentive for investments in Clearlake,” said City Manager Greg Folsom. “We worked with the California Department of Finance to make sure all our major business areas were included in the zone and we plan to use this designation as an economic development tool to help spur business investment and job creation in Clearlake.”
The IRS is currently working on guidance for investments within qualified opportunity zones.
For more information regarding the opportunity zones, please see the U.S. Department of the Treasury’s Web site at https://www.cdfifund.gov/Pages/Opportunity-Zones.aspx .