Opportunity
Zones in Syracuse
The
Opportunity Zone Program is a new economic development tool created by the Tax
Cuts and Jobs Act of 2017 to become part of the Federal Tax Code. Within the
City of Syracuse, designated economically-distressed areas may be eligible for
preferential tax treatment to bring private investment into low-income urban
and rural communities.
The program directs private investment through Opportunity
Funds into designated Opportunity Zones. Investors looking to defer anticipated
capital gains until at least 2027 can invest in a Qualified Opportunity Fund
(QOF) and use the funds to support an eligible business or property redevelopment
within an Opportunity Zone census tract. The Opportunity Zone Program in New
York State is being led in partnership with Empire State Development.
Information and details on the Opportunity Zone Program are
still being developed by the U.S. Treasury Department. This webpage will
continue to be updated as more information on the Syracuse Opportunity Zones
becomes available.
Opportunity Zones CNY Prospectus
CenterState CEO, in
collaboration with its economic development partners, has released its regional
Opportunity Zone Investment Prospectus. This investment prospectus identifies
real estate sites and businesses in federally designated Opportunity Zone
census tracts. It also highlights Central New York’s strengths, including
strong job growth (+6,700 in April) its highly skilled population, diverse
economy, excellent quality of living, strategic location and access to
logistics, plus nearly $4 billion invested in the economy in the last 10 years.
The prospectus also features the region’s four business incubators, all located
within Opportunity Zones and home to companies potentially eligible for
tax-advantaged investment. Across Onondaga, Oswego, Cortland and Cayuga
counties, there are 21 designated Opportunity Zone census tracts.
Final draft of CNY prospectus for Opportunity Zones
Program Links and More
Information:
Map of Opportunity Zones within the City of Syracuse

To learn more about the Opportunity Zone Program or
inquire whether your project or business may be eligible, please contact the
Department of Neighborhood and Business Development at (315) 448-8100 or nbd@syrgov.net.