The 2017 Tax Cuts and Jobs Act created the opportunity zone program, which allowed states to designate qualified low-income areas as opportunity zones. Governor Mead nominated 25 zones in Wyoming in April and all 25 have since been certified by the U.S. Department of Treasury.
Opportunity zones allow any taxpayer to defer capital gains taxes by investing their gains in property or businesses within an opportunity zone. The goal is to create new jobs and wealth by encouraging investments.
“Opportunity zones have the potential to attract business and improve prosperity in communities,” said Governor Matt Mead. “As Wyoming works to diversify its economy and spark growth in cities and towns, investment in these areas provides additional incentives.”
“There are a range of investment opportunities within these tracts including startups, business expansions, real estate, infrastructure and research,” said Sarah Fitz-Gerald, industrial development manager for the Wyoming Business Council.
The zones are located throughout the state in cities, towns and rural areas.
”We look forward to matching investors with the golden opportunities in business and property investment available in Wyoming,” said Shawn Reese, chief executive officer of the Business Council. “This is a sound financial opportunity for investors and a perfect chance to develop and diversify our communities.”
More about opportunity zones, including a list of the zones and an interactive map, can be found on the Business Council’s website at www.wyomingbusiness.org/opportunityzones.