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  • 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  

    Oppurtunity Zones

     

    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.