The U.S. Department of Treasury’s Community Development Financial Institutions Fund has just released the list of New Jersey’s approved Opportunity Zones. The Opportunity Zones are identified by specific census tracts provided below.
The federal Opportunity Zone program is a new tax incentive designed to direct investor capital into various low-income and distressed areas around the country. On March 21, Governor Murphy submitted New Jersey’s list of eligible census tracts seeking Opportunity Zone designation.
The program affords investors the opportunity to defer and reduce capital gains that are invested in opportunity funds. In addition, an investor who holds an interest in an opportunity fund for 10 years or more does not pay any tax on the gain when the opportunity fund investment is sold or transferred. Additional details can be found in an earlier article we published here.
The best way to determine if a potential development site is based in an Opportunity Zone is to first identify the census tract. This can be done by entering the address where prompted on this site. Once, the census tract is identified, it can be compared against the list of eligible tracts listed below or it can be entered where prompted on this site to confirm Opportunity Zone eligibility.
The Redevelopment Law Practice Group at Sills Cummis & Gross will continue to report on this program at www.redevelopnj.com as it embarks on initial Opportunity Zone projects around New Jersey.
Opportunity Zones
Atlantic County:
34001000400, 34001001900, 34001002300, 34001002400, 34001010600, 34001011702, 34001012100, 34001012702
Bergen County:
34003006300, 34003015400, 34003018200, 34003021200, 34003021500, 34003021600, 34003023100, 34003023200, 34003023402, 34003030100, 34003030300, 34003036100
Burlington County:
34005700104, 34005700703, 34005701204, 34005702207, 34005702807
Camden County:
34007600200, 34007600700, 34007601300, 34007601500, 34007601800, 34007607702, 34007608504, 34007610300, 34007610400, 34007610600, 34007610800
Cape May County:
34009021400, 34009021804
Cumberland County:
34011020100, 34011020503, 34011030100, 34011040500, 34011041100
Essex County:
34013001400, 34013004100, 34013004802, 34013005000, 34013006800, 34013007400, 34013007501, 34013007502, 34013008000, 34013008100, 34013009600, 34013010600, 34013010900, 34013011300, 34013013100, 34013013200, 34013013300, 34013018300, 34013018600, 34013018700, 34013018900, 34013022900, 34013023100
Gloucester County:
34015501001, 34015501101, 34015501402, 34015501406
Hudson County:
34017001900, 34017002000, 34017002900, 34017004102, 34017004600, 34017004700, 34017004800, 34017005200, 34017006000, 34017006300, 34017006800, 34017010300, 34017010800, 34017012700, 34017014600, 34017014800, 34017015500, 34017016200, 34017016400, 34017016900, 34017017800
Hunterdon County:
34019011400
Mercer County:
34021000100, 34021000200, 34021000800, 34021000900, 34021001000, 34021002000, 34021002100, 34021002902
Middlesex County:
34023003600, 34023004500, 34023004600, 34023004800, 34023004900, 34023005300, 34023005500, 34023005602, 34023005700, 34023005800, 34023006800, 34023008300, 34023009300
Monmouth County:
34025803400, 34025805800, 34025806000, 34025807003, 34025807300, 34025807600, 34025808100, 34025810900
Morris County:
34027044800, 34027044900, 34027045000, 34027045100
Ocean County:
34029715000, 34029715200, 34029715402, 34029715500, 34029715600, 34029715800, 34029720101, 34029720102, 34029720202, 34029731101, 34029731205
Passaic County:
34031124601, 34031125100, 34031175200, 34031175301, 34031175402, 34031175900, 34031181500, 34031181800, 34031182302, 34031182500, 34031182800, 34031182900, 34031183200, 34031203600, 34031264200
Salem County:
34033020600, 34033022100
Somerset County:
34035051100, 34035051200, 34035051700
Sussex County:
34037371200
Union County:
34039031100, 34039031200, 34039031602, 34039032400, 34039035300, 34039035400, 34039036000, 34039039000, 34039039300, 34039039800, 34039039900
Warren County:
34041030700