CARSON CITY, NV – June 14, 2018
Governor Brian Sandoval this afternoon made the following statement after being notified by the 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.”
Background on Opportunity Zones
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.
Office of the Governor . 101 North Carson Street . Carson City, NV 89701 . (775) 684-5670
Grant Sawyer State Building . 555 East Washington St., Suite 5100 . Las Vegas, NV 89101 . (702) 486-2500