City of Hagerstown Opportunity Zones
Opportunity Zones will feature a new federal tax incentive designed to drive long-term private investment to distressed communities. Investors will be able to defer and even reduce their federal tax liability on the sale of assets if they place their gains into an Opportunity Fund, which will pool capital and support investments in small businesses and real estate within the Opportunity Zones in order to improve communities and the quality of life for residents. The program is designed to be flexible; allowing a range of different types of investments, and unlike other federal tax credit programs, there is no authorized cap on the amount of capital that could be made available through Opportunity Zone investments. The Maryland Department of Housing and Community Development will administer the program with support from the Maryland Department of Commerce.
Explanation of How It Works