Chemung Township (west of US 14) is an Opportunity Zone. It is the only Opportunity Zone in McHenry County. Opportunity Zones are a U.S. Treasury program which provides a tax incentive for investors to re-invest unrealized capital gains in commercial and residential development and benefit the zones.
Investors in Qualified Opportunity Funds 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.
U.S. Department of the Treasury guidelines regarding Opportunity Zones and Qualified Opportunity Funds are in public review. Administration of the Chemung Township Opportunity Zone (Census Tract 17111870301) is overseen by the City of Harvard and McHenry County.