Opportunity Zones are a new tool for community development. Established in the Tax Cuts and Jobs Act of 2017, Opportunity Zones provide tax incentives for investment in designated census tracts through qualified Opportunity Funds. Simply put, the incentive is for capital gains investments and offers a temporary deferral, a step up in basis (up to 15% if investment in Opp Fund is held for at least 7 years), and a permanent exclusion on gains accrued from the Opp Fund investment itself if held for at least 10 years.