Opportunity Zones

Upcoming Opportunity Zone Summit

WHAT:         Vermont Opportunity Zone Summit
WHEN:         1 p.m. – 3 p.m., Tuesday, June 12
WHERE:        Pavilion Auditorium
                           109 Main Street, Montpelier

The Vermont Agency of Commerce and Community Development invites representatives of Opportunity Zones, investors, businesses, and community and economic development practitioners to the Vermont Opportunity Zone Summit.  Participants will hear from national and local Opportunity Zone experts. Kenan Fikri of the Economic Innovation Group, a nationally recognized leader on Opportunity Zone policy, will provide insights into how the program is unfolding nationally. Stephen Trenholm from accounting firm Gallagher, Flynn and Company will talk about anticipated tax benefits of the new program. And Craig Miskovich, from the Vermont-based legal firm of Downs Rachlin Martin, who has extensive experience combining federal New Market Tax Credits with other funding, will present about folding Opportunity Funds into a project. 

Please register for the free summit online at: https://www.eventbrite.com/e/vermont-opportunity-zone-summit-registration-46152911601


The Tax Cuts and Jobs Act of 2017 included the creation of a new tax-incentive aimed at increasing private investment in low income census tracts (the same census tracts as defined by the New Market Tax Credit program).  Investors in these zones will receive preferential tax treatment when they invest in a newly created “Opportunity Fund.”  The following tracts were formally designated by the U.S. Treasury Department in April.  (click here to view map):

Barre City (southwest of Main Street) – census tract 50023955200
Bennington (downtown and north) – census tracts 50003971200 and 50003970900
Brattleboro (downtown) – census tracts 50025968500
Burlington (waterfront, Pine Street Corridor, downtown) – census tracts 50007001000 and 50007000500
Johnson – census tract 50015953200
Lyndon (downtown Lyndonville and West of Broad and Main Street) – census tract 50005957200
Newport City – census tracts 50019951500 and 50019951400
Randolph – census tract 50017959400
Rockingham (Bellows Falls) – census tract 50025967000
Royalton – census tract 50027965100
Rutland City (downtown core, west, and south) – census tracts 50021963300, 50021963100, and 50021963200
St. Albans City (west of Main Street) - census tract 50011010700
St. Johnsbury – census tracts 50005957400 and 50005957500
South Burlington including City Center – census tract 50007003600
Springfield – census tracts 50027966600 and 50027966700
Vergennes – census tract 50001960300
Winooski – census tracts 50007002500 and 50007002400

Representatives of ACCD worked with communities, development organizations and other stakeholders to narrow the list of more than 100 federally-recognized eligible census tracts down to the 25 recommended by the Governor. The Agency evaluated poverty and unemployment rates, population counts, the number of businesses and private sector jobs, available infrastructure, state designation program participation and development potential of each tract before making recommendations to Scott.  ACCD sought input, published draft recommendations and amended its recommendations during the two months proceeding the March 21st nomination deadline through the stakeholder process outlined below. 

Parties provide input on census tract selection, including adjoining non-NMTC census tracts: February 14, 2018
The Agency publishes a draft recommendation on the web at accd.vermont.gov/OpportunityZones: February 23, 2018
Parties provide feedback on the draft recommendation: March 6, 2018
The Agency publishes a final draft recommendation on the web at accd.vermont.gov/OpportunityZones: March 9, 2018
Parties provide feedback on the final draft: March 16, 2018
Final recommendation made to Governor March 20, 2018

 

Additional resources concerning the designation of Opportunity Zones can be found below.

 

Contact Us

Michael Schirling, Secretary
802-828-3080

Ted Brady, Deputy Secretary
802-828-3080

Main Agency Number
802-828-3211

One National Life Drive
Deane C. Davis Building, 6th Floor
Montpelier, VT 05620-0501

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