An Opportunity Zone is a low-income census tract with an individual poverty rate of at least 20 percent and median family income no greater than 80 percent of the area median. Below are links to maps that depict the Designated Qualified Opportunity Zones in Chautauqua County.
Opportunity Zone Program (OZ) Tax Incentives*:
Temporary Deferral: an investor can defer capital gains taxes until the end of 2026 by rolling their gains directly over into an Opportunity Fund.
Step-Up in Basis: the deferred capital gains liability is effectively reduced by 10% if the investment in the Opportunity Fund is held for 5 years and another 5% if held for 7 years.
Permanent Exclusion: any capital gains on subsequent investments made through an Opportunity Fund accrue tax-free as long as the investor stays invested in the fund for at least 10 years
* Please consult your accountant or tax professional for further tax implications.
