Tualatin’s Downtown District Could Benefit from Federal Tax Program
TUALATIN, OR – The program, called the Federal Opportunity Zone, would give tax breaks to developers and other businesses that choose to invest in Tualatin.
The program encourages investors to come to Tualatin with federal tax breaks, including a capital gains holiday for up to 5 years.
Sid Sin with the city says economic prosperity would be a calling card.
“It’s another economic development incentive tool that we have in our toolbox,” Sin said. “(We can use it) to attract new jobs, businesses, and investment in our community.”
He went on to say the process was rigorous.
“There are 229 census tracks that were available,” Sin said. “106 of those were nominated and 58 were selected.”
“What’s interesting is in Washington County, we’re one of four cities that were able to get this designation.”
If approved by the U.S. Treasury department, investors can take advantage of the opportunity from Jan. 1, 2027 to Jan. 1, 2037.