As part of the Tax Cuts and Jobs Act of 2017, the federal government has worked with cities across the US to establish qualified opportunity zones (QOZs) with the goal of promoting economic development in distressed communities.
Don’t let the word “distressed” fool you: the 11 opportunity zones in Spokane are packed with potential, and offer a number of key business advantages including affordable real estate and close proximity to the region’s most robust transportation infrastructure.
If you’re considering launching, relocating or expanding your business in Spokane, our 11 opportunity zones are worth a deeper look.
Information on Qualified Opportunity Zones in the City of Spokane can be found on my.spokanecity.org.
Investments made in qualified opportunity zones inject the funds needed to move distressed communities forward so that they can keep pace with the rapid growth occurring in nearby neighborhoods. Spokane County has quickly become a prime business destination, as companies from around the globe increasingly recognize the unique economic, social and political climate of our region.
Private investments made in opportunity zones may be eligible for preferential tax treatment. The process is fairly straightforward: when a private investment is made in a qualifying opportunity fund (QOF) within an opportunity zone, the investor may be eligible for tax relief on the capital gains invested in the fund, and the gains generated through the investment.
Investors can take advantage of these key tax incentives without needing to reside, work or operate a business within the opportunity zone. All that is required is for a private investment to meet the amount of a recognized eligible gain in a QOF, and elect to defer the tax on that gain. Investors have the option to defer in full or in part when filing their federal income tax return.
To learn more about tax relief through opportunity zones, visit the IRS FAQ website.
Spokane County is home to 11 opportunity zones, and recent investments have had a monumental impact on local businesses and communities. Successful development of these zones has drawn the attention of key industries, with healthcare & life science and industrial manufacturing taking particular interest in areas throughout the City of Spokane.
Each of the 11 opportunity zones in Spokane offer unique landscapes, infrastructure and local talent all of which are poised to drive business growth across a number of industries. Below you’ll explore key data meant to help you evaluate which of our opportunity zones is right for your business or investment goals.
When evaluating opportunity zones it’s important to examine the demographics of the people who live and work in each area, in order to assess where your business or investment might make the greatest impact. These statistics can also help you evaluate the local talent pool and gain a better understanding of the type of workers and residents who can make meaningful contributions to businesses.
84.5% of adults have a high school diploma or higher
51.1% of adults have some college education, a bachelor’s degree or higher
11.9% unemployment rate
492 businesses within the opportunity zone
89.4% of adults have a high school diploma or higher
68.4% of adults have some college education, a bachelor’s degree or higher
2.9% unemployment rate
49 businesses within the opportunity zone
88.6% of adults have a high school diploma or higher
66.3% of adults have some college education, a bachelor’s degree or higher
3.1% unemployment rate
287 businesses within the opportunity zone
80.0% of adults have a high school diploma or higher
62.2% of adults have some college education, a bachelor’s degree or higher
316.6% unemployment rate
888 businesses within the opportunity zone
91.5% of adults have a high school diploma or higher
61.5% of adults have some college education, a bachelor’s degree or higher
6.4% unemployment rate
159 businesses within the opportunity zone
87.1% of adults have a high school diploma or higher
52.6% of adults have some college education, a bachelor’s degree or higher
6.8% unemployment rate
143 businesses within the opportunity zone