City of Pomona OPPORTUNITY ZONES

 

What are Opportunity Zones?

An Opportunity Zone is an economically-distressed community where new investments, under certain conditions, may be eligible for preferential tax treatment. Localities qualify as Opportunity Zones if they have been nominated for that designation by the State and that nomination has been certified by the Secretary of the U.S. Treasury and the Internal Revenue Service.

An Opportunity Zone provides a new tool for investors, fund managers and communities by utilizing privately sourced funds into eligible economic development and community re-investment projects.

History

The Tax Cuts and Jobs Act of 2017 was signed into law on December 22, 2017. This act created qualified Opportunity Zones. 879 of the designated Opportunity Zones are in California. Of those 879, four census tracks are in the City of Pomona. These tracts were certified by the U.S. Treasury on April 9, 2018. Their certification is valid for 10 years.

 

Opportunity Zones in the City of Pomona

  • Four census tracks in the City are identified as Opportunity Zones
  • This applies to over 1,608 acres
  • Three census tracks overlap into the City of Pomona‚Äôs Corridors Specific Plan,  which provides greater development opportunities to potential developers
  • One census track overlaps into the City of Pomona's Downtown Specific Plan,  which provides greater development opportunities to potential developers

 

 Click on the map to open interactive application

Opportunity Zones Image

 

For More Information

Please visit the State of California, Department of Finance Opportunity Zones website