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Offices Closed to Public

The Department of Commerce, Community, and Economic Development offices are closed to the public at this time. We are still open for business and encourage you to contact us via phone or email.

Opportunity Zones

The State of Alaska has selected 25 Opportunity Zones and submitted them to the U.S. Department of Treasury that will designated the final list of Opportunity Zones within 30 days of submittal. Opportunity Zones are part of a federal program designed to drive long-term capital to distressed communities. Prior to the designation, the Department of Commerce, Community, and Economic Development solicited input from Alaskans on the designation of the Opportunity Zones in Alaska. Created as part of the federal Tax Cuts and Jobs Act of 2017, the Opportunity Zones Program is designed to drive long-term capital to distressed communities by providing tax benefits on investments in Opportunity Funds.

The program provides tax incentives to private corporate and individual investors who put their capital to work in low-income communities. Investors can receive a temporary deferral for capital gains reinvested in an Opportunity Fund, a step-up in basis for capital gains reinvested in an Opportunity Fund if the investment is held for at least five years, and a permanent exclusion from taxable income of capital gains made within the Opportunity Fund when held for ten years. DCCED is not able to provide tax advice, and interested investors should consult tax professionals to learn how they may benefit from this program.

More information including a map of the selected Opportunity Zones is available. The primary basis for selecting areas for Opportunity Zone designation was categorization as a low-income community census tract, as defined by federal regulation. When selecting from among the eligible tracts, the State weighed numerous considerations based on available information, including:

    ● Community support
    ● Project feasibility
    ● Workforce readiness
    ● Alignment with existing initiatives
    ● Economic hardship
    ● Geographic representation
    ● Investment opportunity

Additional Information