Three additional Opportunity Zones have been added in Alexandria’s West End to support revitalization, Gov. Abigail Spanberger (D) announced Friday (Nov. 6).
The U.S. Department of the Treasury approved all 153 new Opportunity Zones the Spanberger administration requested in Virginia. The zones are intended to promote long-term private investment in low-income urban, suburban and rural census tracts through federal tax benefits such as deferral of previous capital gains, step-up of previously earned capital gains and exclusion of taxable income on new capital gains in Opportunity Zones. The program was created by the 2017 Tax Cuts and Jobs Act.