Opportunity Zones

Opportunity Zones

 

Opportunity Zones are federally designated areas created to encourage private investment and economic growth.

​

The program was originally created in 2017 and was made permanent in 2025. Beginning in 2027, Opportunity Zones will be designated for 10-year periods.

 

What does this mean for property owners and businesses?

Being located in an Opportunity Zone does not automatically provide a grant or tax break. Instead, the designation may make a property, business or development project more attractive to investors who want to use Opportunity Zone tax benefits.

​

*Investors who place eligible capital gains into a qualifying Opportunity Zone investment may be able to delay paying taxes on those gains and receive additional tax benefits for holding the investment long term.*

​

Norfolk’s Opportunity Zones

Norfolk currently has two Opportunity Zones:

• Census Tract 9607

• Census Tract 9611

Both were designated under the original 2017 Opportunity Zone program.

​

What’s changing in 2027?

A new round of Opportunity Zone designations begins in 2027.

​

For Norfolk:

​

 Census Tract 9607                                                                                                        Census Tract 9611

 has been nominated for the new 2027–2036                                                           was not nominated for the new period and its     Opportunity Zone designation.                                                                                   Opportunity Zone designation will expire 

                                                                                                                                           December 31, 2028.                                                                          

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​​

​

​

 

​

​

 

Why does the designation matter?

Opportunity Zones can help attract private investment into businesses, real estate and development projects. The updated federal program also includes additional incentives for certain investments in rural Opportunity Zones. 

​

​

- View the State of Nebraska Opportunity Zone Interactive Map - 

​

​

Interested in a property or project?

If you own property, are considering a development project or are interested in investing within Norfolk’s Opportunity Zone, contact Norfolk Area Economic Development.

​

Norfolk Area Economic Development
402-844-2260
EconomicDevelopment@norfolkne.gov

​

*Opportunity Zone investments are subject to federal tax rules. Investors should consult with a qualified tax, legal or financial advisor to determine whether a specific investment qualifies.*