What are Opportunity Zones?
The Tax Cuts and Jobs Act of 2017 established new Internal Revenue Code Section 1400Z, the creation of Opportunity Zones. The program offers three tax incentives for investing in special, low-income communities designated by the U.S. Treasurer’s Office. In short, the program allows for taxes to be deferred on capital gains if reinvested within a designated Opportunity Zone. The program is stepped, meaning the longer capital gains remain invested within the zone, the greater a portion of the deferred taxes is forgiven – up to 15% for capital gains reinvested for at least 7 years. Additionally, any income earned from reinvested capital gains and held within an opportunity zone for at least 10 years is excluded from taxable income. For an overview of the program, please visit the links at the bottom of this page.
The City of Troy recognizes the tremendous potential this program presents and welcomes investors to learn more about Troy’s growing economy. The Department of Planning and Economic Development is working with developers and businesses to attract investors interested in reinvesting their qualifying assets here in Troy. As part of that effort, the City is committed to providing the information and technical assistance required to connect projects with needed capital. If you have a project or business located within an Opportunity Zone and would like information on how you can benefit from this program, please read on please fill out the form below and contact Dylan Turek (contact info also below) with questions.
Opportunity Zones in Troy, NY
Troy has 3 Census Tracts designated as Opportunity Zones by the U.S. Treasury.
- Census Tract 404
- Census Tract 407
- Census Tract 408
Have An Opportunity Zone Project?
If you have a development or business investment opportunity located within one of the 3 Census Tracts above, please help us market your project by clicking on the button below and answering a few brief questions. We’ll add your project to our database so we can be sure to connect you with investors looking for deals here in Troy!
Contact Dylan Turek for more information on Opportunity Zones or for assistance locating investment opportunities and information on additional programs and incentives.
Economic Development Director
City of Troy
Email: [email protected]
Phone: (518) 279-7412
Cell: (518) 410-5637