The Camden County Improvement Authority is executed to assist investors who are interested in projects located in any of the four Camden County Opportunity Zones.
Opportunity Zones (“OZ”) were added to the tax code by the Tax Cuts and Jobs Act on December 22, 2017. These Opportunity Zones are designed to spur economic development by providing tax benefits to investors.
First, investors can defer tax on any prior gains invested in a Qualified Opportunity Fund (“QOF”) until the earlier of the date on which the investment in a QOF is sold or exchanged, or December 31, 2026.
If the QOF investment is held for longer than 5 years, there is a 10% exclusion of the deferred gain. If held for more than 7 years, the 10% becomes 15%. Second, if the investor holds the investment in the Opportunity Fund for at least ten years, the investor is eligible for an increase in basis of the QOF investment equal to its fair market value on the date that the QOF investment is sold or exchanged.
Finally, concerning tax on the Opportunity Fund Investment, after ten years any gain accrued on the investment during that ten-year period is tax free.
Camden County has four Opportunity Zones that are ready for your investment. These areas include:
Overview of the Camden County Opportunity Zone – Click here
Learn more about New Jersey Opportunity Zones – https://nj.gov/governor/njopportunityzones/
For more information and to see how the Camden County Improvement Authority can help please contact:
Christopher Orlando, Interim Executive Director
Camden County Improvement Authority
2220 Voorhees Town Center
Voorhees, NJ 08043