Kent County's Opportunity Zone includes 8.3 square miles or 5,330 acres in Chestertown.
Opportunity Zones are a nationwide initiative administered by the U.S. Treasury created under the 2017 Tax Cuts and Jobs Act. The program provides federal tax incentives for investment in communities over the next 10 years.
The provision in the tax code allows investors to take advantage of big breaks on federal capital gains taxes by investing in small businesses and housing in lower-income communities.
The Maryland Department of Housing and Community Development administers the program with support from the Maryland Department of Commerce.
*Investors are encouraged to consult their Accountants and/or Attorneys for guidance.