Opportunity Zones

The Tax Cuts and Jobs Act of 2017 included the creation of Opportunity Zones, a new tax incentive aimed at increasing private investment in low-income census tracts.  Investors in these zones will receive preferential tax treatment when they invest in a newly created “Opportunity Fund.” 

In March 2018 Governor Phil Scott designated 25 census tracts in 17 Vermont communities as Opportunity Zones (click here to view map).

The Agency of Commerce and Community Development is working with these communities to take full advantage of the Opportunity Zone program. 

The Agency held an Opportunity Zone Summit in June 2018 that aimed to educate communities, investors, and potential project champions about the program. Deputy Secretary Ted Brady provided an outline of how the zones were selected in Vermont. Kenan Fikri of the Economic Innovation Group provided a national perspective. Stephen Trenholm of Gallagher, Flynn & Co. outlined the anticipated tax benefits. And Craig Miskovich of Downs Rachlin Martin provided a Vermont developer’s perspective.

In October of 2018, the Internal Revenue Service and the IRS issued a draft rule concerning the Opportunity Zone program, a revised revenue regulation, and a new draft tax form used to create an Opportunity Fund. 

In June 2019, the Agency of Commerce and Community Development convened representatives of each Vermont Opportunity Zone to participate in a workshop to develop project prospectuses.

Participants in this workshop will reconvene in September 2019 to finalize their prospectuses.

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

Contact Us

Nick Grimley, Director of Entrepreneurship & Tech Commercialization  

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


Visit ThinkVermont.com for more inspiration and information on living, working and doing business in Vermont.