[BoulderCouncilHotline] Opportunity zones and other localized Federal tax treatment for development in Boulder

[Weaver, Sam]

Fellow Council Members and HOTLINE followers,

I looked into the Opportunity Zone issue a bit over the weekend.  There is a lot to learn, including that there are Federal tax incentives that apply in 10 census tracts in Boulder.  The recently added Opportunity Zone adds incentives in one of those ten census tracts.

The umbrella organization for these incentives appears to be housed in the Treasury Department and called the Community Development Financial Institutions Fund (CDFI): https://www.cdfifund.gov

CDFI houses seven programs, one of which is a tax credit program, the New Markets Tax Credit Program (NMTC): https://www.cdfifund.gov/programs-training/Programs/new-markets-tax-credit/

The NMTC applies in 10 census tracts in Boulder, mostly centered around CU.  Here is a map which allows you to zoom in to different regions (must enable Adobe Flash in your browser):
https://www.cims.cdfifund.gov/preparation/?config=config_nmtc.xml

The map above shows both NMTC qualification as well as Qualified Opportunity Zones (QOZ). An old-school spreadsheet with all QOZs is here: https://www.cdfifund.gov/Documents/Copy%20of%20Designated%20QOZs.6.14.18.xlsx

In addition to the resources above, here is a Bloomberg analysis of who may benefit from the new Opportunity Zones: https://www.bloomberg.com/news/articles/2018-08-29/goldman-sachs-leads-race-for-tax-break-helping-poor-communities

I think at the end of tonight's study session, time allowing and Council willing, we should set out the questions about these programs that we would like staff assistance in answering.

All the best,

Sam Weaver
Member of Boulder City Council
weavers at bouldercolorado.gov<mailto:weavers at bouldercolorado.gov>
Phone: 303-416-6130

-------------- next part --------------
An HTML attachment was scrubbed...
URL: http://list.ci.boulder.co.us/pipermail/bouldercouncilhotline/attachments/20181127/a513bea5/attachment.html