The Opportunity Zones program was enacted as part of the 2017 federal Tax Cuts and Jobs Act and is designed to drive long-term capital investments into low-income rural and urban communities. This federal program provides opportunities for private investors to support investments in distressed communities through participation in Qualified Opportunity Funds. Businesses may defer paying tax on capital gains by reinvesting them into opportunity funds from which investments are made in properties or businesses in an Opportunity Zone.
Eight Atlantic County census tracts are included in the program and are located within five municipalities: Atlantic City, Egg Harbor City, Egg Harbor Township, Pleasantville and Somers Point. The ACEA worked with Governor Murphy’s administration to expand the inclusion of areas in Atlantic County that support its regional economic strategy. One of the tracts is located within the aviation district that surrounds the Atlantic City Airport and includes the Federal Aviation Administration’s William J. Hughes Technical Center as well as the National Aviation Research and Technology Park.