Opportunity Zones are low-income census tracts nominated by governors and certified by the U.S. Department of the Treasury. The designation allows investors to direct capital into new projects and enterprises in exchange for certain federal capital gains tax advantages.

Opportunity Zones were created by Congress in 2017 to encourage economic development and job creation in low-income urban and rural communities. The program provides federal tax reductions for taxpayers who invest unrealized capital gains into specialized “Opportunity Funds” which then make an investment in designated “Opportunity Zones.” The zones themselves are composed of low-income community census tracts designated by governors in every state.

The federal program encourages private investment in low-income urban and rural communities and insofar as New York State is a participant, we are very happy to be able to offer this unique opportunity to businesses and investors in Babylon.

Based on analyses by Empire State Development (ESD), New York State Homes and Community Renewal (HCR), New York State Department of State (DOS) and the state’s Regional Economic Development Councils (REDCs), New York State has recommended 514 census tracts to the U.S. Department of the Treasury for designation as Opportunity Zones.

Of these 514 census tracts, one is located in the Town of Babylon, in the hamlet of Wyandanch.