The City's fiscal year 2019-2021 budget process is under way.
The Opportunity Zones are meant to spur economic development and job creation in distressed communities by providing tax benefits to investors. Investors receive capital-gains tax deferral, reduction in basis for long-term investments and other tax incentives. Investments made by individuals through Qualified Opportunity Funds in these zones would be allowed to defer or eliminate Federal taxes on capital gains. You can get the tax benefits, even if you don’t live, work or have a business in an Opportunity Zone. Investments are not administered or overseen by the City of Oakland.
In Oakland, 30 census tracts were designated by Governor Jerry Brown as qualified Opportunity Zones for the next 10 years, through 2026.
To check if a specific Oakland property is within a designated qualified Opportunity Zone, please enter the address in the State’s interactive map.
Guidelines for implementation of the Opportunity Zone tax benefit are still being finalized by the U.S. Treasury Department, the federal agency that was charged with overseeing the tax benefit.
The City is preparing a list of projects that are eligible for Opportunity Fund investments and will host public informational workshops on Opportunity Zones.
Learn more about the approved Census Tracts in Oakland:
4010 4014 4015 4016 4017 4022 4024 4025 4026 4027 4028 4033 4059.01 4059.02 4060 4061
4062.01 4062.02 4072 4073 4084 4085 4086 4087 4088 4089 4090 4095 4097 4105
Visit the City’s Major Development Projects page to see the variety of investment occurring in Oakland.
Learn about AC Transit’s Bus Rapid Transit project which traverses many of Oakland’s Opportunity Zones.
Resources
U.S. Department of Treasury Opportunity Zones Resources
Opportunity Zones Frequently Asked Questions – Internal Revenue Service
Council of Development Finance Agencies’ Overview of Opportunity Zones
Economic Innovation Group’s Opportunity Zones Fact Sheet (PDF)
Contact
For more information on Oakland's Opportunity Zones, contact Marisa Raya.