Chemung Township (west of US 14) has been named an Opportunity Zone. Opportunity Zones are a U.S. Treasury program which provide a tax incentive for investors to re-invest unrealized capital gains in commercial and residential development to benefit the zones.
Investors in Qualified Opportunity Funds will receive a tax benefit in the form of deferred capital gains on any prior gains until Dec. 31, 2026 if the gain is reinvested in a Qualified Opportunity Fund. The value of the tax benefit depends on how long the investment remains in place. Opportunity Zones retain their status for 10 years.
Guidelines published by the U.S. Department of the Treasury regarding Opportunity Zones and Qualified Opportunity Funds are currently in public review. Administration of the Chemung Township Opportunity Zone (Census Tract 17111870301) will be overseen by the City of Harvard and McHenry County, which must establish local rules.