Opportunity Zones are communities created by the Tax Cuts and Jobs Act (TCJA) of 2017 with the intent of spurring private investment. New investments in these areas are eligible for deferred, reduced or eliminated capital gains taxes that meet specific criteria.
There are two Opportunity Zones in the Kingman area which offer potential development projects:
Tax benefit eligibility requires investment through a qualified Opportunity Fund, a privately managed investment vehicle explicitly organized for and holding at least 90 percent of its assets in an Opportunity Zone. Arizona has 30 Opportunity Zone Funds. Additionally, the investment must be derived from a gain in another investment and transferred into an Opportunity Fund within 180 days of realizing the gain.
The Kingman Industrial Park is in one of the zones that qualify under the program. For further information on Opportunity Zones in Kingman, view the Opportunity Zone Prospectus.