Opportunity Zone

A map of Auburn’s Opportunity Zone with available sites identified
Source: 2013-2017 ACS

In Cayuga County, the northwest quadrant of the City of Auburn is a Qualified Opportunity Zone. The federal Opportunity Zone program is an economic development tool designed to spur long-term, private capital investment in distressed areas by providing tax benefits to investors.  This new program provides tax incentives for those who invest their capital gains as equity for businesses or real estate projects within a designated zone.  They receive an immediate tax break, and can eliminate tax on future capital gains, if they make a long-term investment.

Auburn Opportunity Zone Prospectus

The Cayuga Economic Development Agency, in partnership with the City of Auburn, hosted an informational workshop about the new federal Opportunity Zones program on March 4, 2019, at Auburn City Hall. To view a video of the workshop, click here.

City of Auburn, NY – Zoning Map and permissible uses

Established by the Tax Cuts and Jobs Act, Opportunity Zones direct capital to underserved markets by creating an incentive through reducing taxes on capital gains.

Investors can defer on capital gains tax reinvested into a Qualified Opportunity Fund (QOF). The deferred gain must be recognized on the date the opportunity zone investment is disposed of, or December 31, 2026, whichever is earlier. Investments into a QOF held for longer than five years get a 10% exclusion of the deferred gain. Those held for more than seven years receive a total of a 15% reduction. Investors receive a permanent exclusion from taxable income of capital gains from the sale or exchange of an investment in a QOF if the investment is held for at least 10 years. This exclusion only applies to gains accrued after an investment in an Opportunity Fund.

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