Hawaii Opportunity Zones
The recently passed Federal Tax Cuts and Jobs Act authorized a community economic development program called the Opportunity Zones Program. This new program provides incentives for investors to re-invest unrealized capital gains into Opportunity Funds in exchange for temporary tax deferral and other benefits. The Opportunity Funds will then be used to provide investment capital in certain low-income communities. For more information view the Opportunity Zones Program FAQs.
- Press Release: Treasury, IRS Issues Proposed Regulations on New Opportunity Zone Tax Incentive
- Webinar Registration: Tax Reform Basics about Opportunity Zones
Here is a list of the opportunity zones by census tract for the State of Hawaii and downloadable maps by county:
- Approved Opportunity Zones – State of Hawaii
- Opportunity Zones – City and County of Honolulu
- Opportunity Zones – Hawaii County
- Opportunity Zones – Kauai County
- Opportunity Zones – Maui County
For an outline illustrating the benefits and how the program works, please refer to the Fact Sheet created by the Economic Innovation Group. EIG is a bipartisan public policy organization addressing America’s most pressing economic challenges.
Please refer back to this website for more information as the Opportunity Zones Program gets under way (e.g., Opportunity Funds are created and investments are made).
Understanding Opportunity Zones in Hawaii
On October 4th a half day seminar was held titled “Understanding Opportunity Zones in Hawaii.” The event was co-sponsored by DBEDT, Hawaii Community Reinvestment Corporation, and the Federal Reserve Bank of San Francisco.
Almost 200 people attended the event and joined the conversation exploring possibilities for Opportunity Zones in Hawaii. Local and national experts (including Maurice Jones of LISC and a Brent Parker from Novogradac & Company) spoke and focused on what we know so far about how this new tax incentive can be used and the roles regional stakeholders can play to ensure the benefits of this investment vehicle are broadly shared. Here are the presentations: