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Posted on: April 19, 2018

Clearlake Receives Federal Opportunity Zone Designation

Clearlake, CA – April 18, 2018

The U.S. Department of the Treasury and the Internal Revenue Service (IRS) last week designated Opportunity Zones in 18 states, including California. The federal tax bill signed in December 2017 created Opportunity Zones to spur investment in distressed communities throughout the country. New investments in Opportunity Zones are eligible to receive preferential tax treatment and Qualified Opportunity Zones retain the designation for ten years.

According to Greg Folsom, City Manager, “The Opportunity Zone designation should provide a nice incentive for investments in Clearlake. We worked with the CA Department of Finance to make sure all our major business areas were included in the Zone and we plan to use this designation as an economic development tool to help spur business investment and job creation in Clearlake.”

The IRS is currently working on guidance for investments within Qualified Opportunity Zones. For more information regarding the Opportunity Zones, please see the U.S. Department of the Treasury’s website at https://www.cdfifund.gov/Pages/Opportunity-Zones.aspx.

US Department of the Treasury Info
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