FEDERAL OPPORTUNITY ZONE (FOZ)

Lackawanna County, Pennsylvania, offers many opportunities to invest and grow your business and real estate portfolio. The Federal Opportunity Zone program offers incentives for sites located within the City of Scranton and surrounding areas.

About FOZ

The Federal Opportunity Zone is a program launched as a component of the Federal Tax Cuts and Jobs Act issued through the U.S. Treasury. Designated zones are designed to spur economic development by providing tax benefits to investors. A Qualified Opportunity Fund is an investment vehicle that is set up as either a partnership or corporation for investing in eligible property that is in a Qualified Opportunity Zone.

Federal Opportunity Zone FAQ's

  • Investors can defer tax on any prior gains invested in a Qualified Opportunity Fund (QOF) until the earlier of the date on which the investment in a QOF is sold or exchanged, or December 31, 2026.
  • 10% exclusion of the deferred gain if the QOF investment is held for longer than 5 years.
  • 15% exclusion of the deferred gain if the QOF investment is held for more than 7 years.
  • Investor that holds the investment in the Opportunity Fund for at least ten years is eligible for an increase in basis of the QOF investment equal to its fair market value on the date that the QOF investment is sold or exchanged.

Lackawanna County Opportunity Zones

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    City of Scranton
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    Jessup Borough
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    Blakely Borough

If you are interested in finding more information about the opportunities and sites within the approved Federal Opportunity Zone, The Scranton Plan is your one-stop resource. Our economic development team has an inventory of available buildings and land sites within the approved zones. Our team stands ready to assist you with all services needed to invest, locate and expand in Greater Scranton. Contact us today to learn more about our Federal Opportunity Zone opportunities.

Supported in part by the City of Scranton.