New Jersey Governor Phil Murphy is making a pitch to investors to take advantage of the state’s Opportunity Zones, neighborhoods designated by a federal program designed to drive long-term capital investments into low-income communities.
Investors can defer paying federal taxes on capital gains reinvested in Qualified Opportunity Funds. Those dollars go towards projects in low income communities. Gains from the new investments are taxed at reduced rates if held for 5, 7, or 10 years. Governor Murphy says New Jersey has 169 Opportunity Zones across 75 municipalities, with at least one in each county.
“We know companies today aren’t just looking for the cheapest place to do business. You’re looking for places where the infrastructure is strong, and the talent pipeline is bursting,” told a crowd of investors at the Forbes Opportunity Zones Summit in Newark.
Murphy says the state is launching The NJ Opportunity Zone Marketplace this summer, an online portal for qualified investors and eligible New Jersey projects to streamline the development process.
“This is an exciting initiative that will make New Jersey a leading destination for investors looking for shovel ready projects that can transform communities.”