Suffolk, Virginia Opportunity Zones

 
Number Of Census Tracts
28
Number Of QOZs
1
Percent Of Census Tracts
3.57%
Number Of LICS
1

Suffolk lies in the state of Virginia which has conformed to the federal tax code since Opportunity Zone legislation was implemented in the IRC. Both the city and state have adopted these new provisions.

Out of the 28 census tracts that exist within, or partially within the city of Suffolk 1 have been designated eligible for Qualified Opportunity Fund investment. This represents approximately 3.57% of the census tracts in the city. Of the zones that are eligible, 1 qualify as a low-income community. This means the poverty rate was above 20%, or that the median household income was below 80% of the state or metropolitan area’s median household income.

The remaining zones qualified as contiguous, meaning they were located adjacent to an eligible tract, and the median household income did not exceed 125% of that eligible tract. Suffolk lies in the state of Virginia which automatically conforms to the federal tax code as it is amended. Both the city and state have adopted the new Qualified Opportunity Zone provisions. Virginia has 212 opportunity zones, which means Suffolk contains 0.47% of the Qualified Opportunity Zones that exist within the state.

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Source: 2011-2015 American Community Survey 5-year estimates
Source: Community Development Financial Institutions Fund - Opportunity Zones Resources
Source: Novogradac Opportunity Zones Resource Center - Personal Income State Tax Code Conformity as of October 2019

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