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Multi-Year Impact of California Conformity to Federal Opportunity Zone Tax Provisions

More than 3 million Californians live in some 879 federally designated Opportunity Zones in disadvantaged communities throughout the state.  California has more of them than any other state.

The federal Opportunity Zone program allows investors to defer federal taxation on capital gains by investing the proceeds through a qualified opportunity fund into a designated Opportunity Zone.

To qualify, the state has to pass legislation that will help communities that want to be “Opportunity Zone Ready.”

This Opportunity Zone study commissioned by CA Fwd and Golden State Opportunity shows the investment vehicle could result in $745 million and $1.2 billion in new economic activity this year. In subsequent years, economic activity would range from more than $700 million to just under $500 million.