North Attleborough Opportunity Zones
The Commonwealth of Massachusetts designated two Opportunity Zone tracts in the Town of North Attleborough. Opportunity Zones have the potential to encourage investors to redeploy capital into low-income neighborhoods, which could strengthen local economies. On this page is:
- An interactive map that displays the Town's two Opportunity Zones.
- The Town's Opportunity Zone goals.
- More information about how Opportunity Zones work and could be used to benefit investors and communities like North Attleborough.
The Town's two Opportunity Zones, which appear as one large area, can be reviewed by examining the Town's MapGeo account. Three different themes were created to display information pertaining to parcels within the Town's Opportunity Zones. The map is available below or can be opened in a new window.
Town’s Opportunity Zone Goals
- Redevelop Abandoned Jewelry Factories in Downtown North Attleborough. North Attleborough was once the jewelry capital of the world. Many of the jewelry companies that once called North Attleborough home have since gone out of business or have moved their operations overseas. Now there are numerous sites in North Attleborough, many of which are in our two opportunity zones that could be redeveloped for other purposes. Redeveloping these sites is a top priority for the Town of North Attleborough.
- Rehabilitate Older Buildings and Distressed Properties in Downtown North Attleborough. A significant percentage of the two opportunity zones in North Attleborough encompasses the Town’s downtown, much of which is mixed-use. This unique feature of the North Attleborough opportunity zones will allow investors to realize the potential of redeveloping underutilized mixed-use, high-density housing with commercial space on the ground floor. With the addition of a 193-unit luxury apartment complex currently being constructed in downtown North Attleborough, more individuals will be living and playing in downtown North Attleborough than at any time in the Town’s history.
- Locate an Innovation Center in North Attleborough. The Town of North Attleborough is currently seeking to open an innovation center to grow the region’s entrepreneurial ecosystem. By utilizing Opportunity Funds, investors may now invest in the physical structure of an innovation center and those startups that rent space. There are several sites within the two Opportunity Zones that could house an innovation center.
- How Does Someone Invest in an Opportunity Zone?
Those interested in investing in an Opportunity Zone must invest their funds through “Opportunity Funds,” which are currently being formed to permit investment in projects located in Opportunity Zones. Individuals may also form, fund, and manage an Opportunity Fund using the Department of Treasury's “self-certification” process. If you are interested in taking advantage of the Opportunity Zone program, we highly recommend consulting your tax advisor.
- How Does the Tax Incentive Work?
- Temporary tax deferral of eligible gain: Investors may defer capital gains on income reinvested into Opportunity Funds. The deferred gain must be recognized when the investor exits the fund or on December 31, 2026.
- Step-Up in basis. If the investor remains within an Opportunity Fund for at least five years, their tax liabilities related to the original capital gains are reduced by 10 percent. If the investment is held in an Opportunity Fund for seven years, this increases by an additional 5 percent, meaning that investors can reduce capital gains liability by 15 percent total.
- Permanent exclusion of fund gains. If an investor keeps the investment in an Opportunity Fund for ten years, any gains from the Opportunity Fund are exempt from taxation.
- How is an Opportunity Zone Tract Chosen?
The Treasury Department permitted the governor of each state to nominate 25 percent of his or her state’s low-income census tracts as an Opportunity Zone. The Treasury Department certified Governor Baker’s nominations and designated 138 Opportunity Zone tracts in Massachusetts, two of which are in North Attleborough.
- What Assets are Eligible for Investment?
The policy allows for investment in operating businesses, equipment, and real property. Federal Treasury regulations provide additional detail about qualifying investments, however, generally:
- Opportunity Funds may generally hold an interest in real estate located in Opportunity Zones (either directly or through business entities) and develop real estate properties.
- Opportunity Funds may generally invest in for-profit entities located in Opportunity Zones (for example, start-up technology companies in business accelerators or incubators).
- Investments must meet certain “substantial improvement” requirements the details of which are set forth in the Federal Treasury Regulations.
- What is an Opportunity Zone?
Opportunity Zones are bipartisan provisions of the Tax Cuts and Jobs Act of 2017. An Opportunity Zone is a designated geographic area in which individuals can gain favorable tax treatment on their capital gains. The goal of the Opportunity Zones provision is to incentivize investors to redeploy and invest capital into low-income communities.