Nominations made by Governor Brad Little and the Idaho Department of Commerce for sites across Idaho have been approved to be labeled as Opportunity Zone 2.0 by the U.S Treasury. These zone designations are set to become active on Jan. 1, 2027, and will create tax exemptions for those who decide to invest in the community by applying for qualified opportunity funds.
Moscow is divided into two separate zones, one for the area south of Highway 8, and one for the area north of highway eight. Inside of these zones, there are four sites labeled for investment: 212 College St. and E. Palouse River Dr., S. Mountain View, North Main St. and Rodeo Dr and 212 E. Rodeo Dr. Moscow have been designated as a rural zone, by low income census tracts.
These qualified opportunity funds are used for improvements in areas deemed economically stressed, allowing investors to purchase land for construction, acquire property that has been vacant or unused for at least five years or to purchase partially completed buildings. Existing properties can also receive funding if the investment is equal to or greater than the value of the property, or less than half in rural areas, like Moscow.
This designation is intended to spur economic growth in indemnified areas, by creating tax incentives for investors. In an Idaho Commerce press release, Gov. Little is quoted saying, “With these new designations, we have another opportunity to build on that success, support rural and urban communities alike, and ensure Idaho continues to be a place where businesses can grow and families can thrive.”
Opportunity Zones were first implemented in the state in 2018, through the 2017 Tax Cuts and Jobs Act, and according to the Idaho Commerce webpage, and generated approximately $200 million in investments across opportunity zone 1.0 designated cites. Moscow will maintain its prior designation until 2028, then again receive its Opportunity Zone 2.0 recognition, which will be in effect until 2036.
Josie Adjanohoun can be reached at [email protected].
