Mount Vernon lies in the state of Washington which does not tax capital gains. Federal tax provisions regarding the dismissal of deferral of capital gains taxes have no effect at the state or city level.
Out of the 8 census tracts that exist within, or partially within the city of Mount Vernon 3 have been designated eligible for Qualified Opportunity Fund investment. This represents approximately 37.50% of the census tracts in the city. Of the zones that are eligible, 2 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. Mount Vernon lies in the state of Washington 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. Washington has 139 opportunity zones, which means Mount Vernon contains 2.16% of the Qualified Opportunity Zones that exist within the state.
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