Opportunity Zones were created in the Tax Cuts and Jobs Act that was signed into law in December 2017. The Opportunity Zones program is a tool that allows individuals and corporations to take capital gain incurred from the sale or exchange of assets- buildings, properties, business, stocks, and more- and roll the gain into a business or project located with a Federally Designated Opportunity Zone.
Two adjoining Federally Designated Opportunity Zones are located in the City of Northport. The City's Downtown, Riverfront, and major commercial corridor areas are located within Opportunity Zones.