NW Illinois Opportunity ZonesNW Illinois Economic Development's applications for two federally-designated Opportunity Zones were approved! On April 20, 2018, Governor Bruce Rauner submitted the allowable 327 of the 1,305 qualifying census tracts to the federal government for inclusion in the Opportunity Zone program. The zones selected in Jo Daviess County and Carroll County are two of 327 Opportunity Zones approved in the state.
For a map of Opportunity Zones in northwest Illinois, visit https://www.illinois.gov/dceo/Pages/OppZn.aspx. Special thanks to Black Hawk Regional Council for their assistance.
Opportunity Zones present opportunities for private, tax-free investment in low-income areas with economic need, benefiting residents living in those areas, as well as private investors. The Opportunity Zone program encourages long-term investment by allowing investors to re-invest unrealized capital gains in designated census tracts.
- Investors can defer tax on any prior gains until the earlier of the date on which an investment is sold or exchanged, or December 31, 2026, so long as the gain is reinvested in a Qualified Opportunity Fund.
- If the investor holds the investment in the Opportunity Fund for at least ten years, the investor would be eligible for an increase in basis equal to the fair market value of the investment on the date that the investment is sold or exchanged.