Sustainable Economic Development For Sarasota And Our Sister Cities
By ABC7 Staff|February 15, 2019 at 2:43 PM EST - Updated February 15 at 2:45 PM
"Four improvised areas of the City soon see long-term investment and job creation after being designated as “Qualified Opportunity Zones” under the federal Tax Cuts and Jobs Act of 2017, according to a release from the City of Sarasota."
"The program helps to revitalize low-income communities by providing tax advantages for private individuals and corporations who invest in an Opportunity Zone Fund. It encourages the private sector to reinvest capital gains from other investments into businesses and start-ups located in these Qualified Opportunity Zones, according to the release."
Poverty rates, family income, unemployment and other factors played a role in selecting the four zones in Sarasota.