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Scott Announces Low Tax Opportunity Zones In Escambia County, Including Century

Gov. Rick Scott is recommending that seven census tracts in Escambia County be designated as “Opportunity Zones”, including Century and the immediately surrounding area.

Low Tax Opportunity Zones, as established in the federal Tax Cut and Jobs Act of 2017, encourage long-term investment and job creation in targeted communities by reducing taxes for many job creators. Low Tax Opportunity Zones enhance local communities’ ability to attract businesses, developers and financial institutions to invest in targeted areas by allowing investors to defer capital gains taxes through investments in federally established Opportunity Funds.

“The Pensacola area has created 19,400 jobs since December 2010 and these new Low Tax Opportunity Zones will spur even more private investment and job creation. I look forward to seeing the new businesses and jobs that are created in these target areas,” Scott said.

“These Zones will make a real and lasting difference in some of our highest-need areas by helping to bring new capital investment and more jobs to every county across the state. They will also bring additional investment to rural communities and urban areas, ensuring that every Floridian has the chance to live the American Dream in the Sunshine State,” the governor added.

“The new Opportunity Zone program will have a lasting impact for families in the Panhandle by offering tax incentives to attract businesses. This program will grow the local economy, create jobs and provide assistance to hardest-hit areas,” said Cissy Proctor, executive director of the Florida Department of Economic Opportunity.

The U.S. Department of the Treasury has 30 days to certify each state’s recommendations. After the Zones are approved, the federal government will begin the rulemaking process to designate how Opportunity Funds are created and how businesses, developers and financial institutions can invest in qualified Zones.