San Bernardino’s Opportunity Zones (OZs) were cited as a best practice case study, according to a report by The White House Opportunity and Revitalization Council published May 2020.
Opportunity Zones
An Opportunity Zone is a new community development program that encourages long-term investments in low-income urban and rural communities. The Opportunity Zone Program provides tax incentives for investors to re-invest unrealized capital gains into Qualified Opportunity Funds (QOF). QOFs are private sector investment vehicles that invest at least 90 percent of their capital in Opportunity Zones.
It was established by the Tax Cuts and Jobs Act of 2017 by then president Donald Trump,
The Qualified Opportunity Funds that have emerged throughout the country are the backbone of the Opportunity Zones initiative. Many of these funds have developed innovative strategies that place underserved American communities at the heart of what they do. Qualified Opportunity Funds have invested in a multitude of sectors; formed public-private partnerships; and made a difference in the lives of Americans living in Opportunity Zones.
Opportunity Zones Best Practices Report
“We are honored to be included in the White House report and look forward to encouraging more investment in the County’s Opportunity Zones.”
San Bernardino County Board of Supervisors Chairman Curt Hagman
Medical Office Building in San Bernardino
The report cites the development of an 11,325-square-foot medical office building in San Bernardino as an example of public and private sectors that will create vital community benefit.
Qualifying as an Opportunity Zone Business
Qualified Opportunity Funds
The Qualified Opportunity Funds are the backbone of the Opportunity Zones initiative.
Many of these funds have developed innovative strategies that place underserved American communities at the heart of what they do. Qualified Opportunity Funds have invested in a multitude of sectors; formed public-private partnerships; and made a difference in the lives of Americans living in Opportunity Zones.
57 Opportunity Zone Tracts in 15 of the County’s 24 Cities
There are 57 Opportunity Zone tracts found in 15 of the County’s 24 incorporated cities as well as in unincorporated areas of the County. Qualified Opportunity Zones is a bi-partisan effort created by Congress through the 2017 Tax Cuts and Jobs Act to spur economic development and job creation in distressed and low-income communities.
Opportunity Zones Best Practices Report
San Bernardino’s Economic Partnership with South Korea
San Bernardino County exports $1.1 million in goods and services to South Korea annually, showing that the county has the potential to establish global relationships. Some of the key industries contributing to these exports are:
- Aerospace and defense manufacturing
- Lightweight materials manufacturing
- Food and beverage manufacturing
- Logistics
- IT/digital information
The county recently renewed its MoU (Memorandum of Understanding) South Korea’s Incheon Free Economic Zone Authority of the Republic of Korea (IFEZ) to proactively strengthen economic cooperation.
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Author
Author: Sharjeel
Sharjeel joined Startempire Wire as emerging technologies editor. Earlier, he worked at Silicon Canals, a leading English language technology media source for the Benelux and wider Europe. He covered the European technology and startup ecosystem digging into latest funding rounds of startups.
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