What is Cal OZ?
CalOZ is dedicated to maximizing the transformative potential of Qualified Opportunity Zones (QOZs) in California. By uniting and mobilizing top voices from across California’s investment, development, entrepreneurial, regulatory, philanthropic, and nonprofit communities, CalOZ will shape key practices, policies, and platforms essential to the success of this once-in-a-generation community investment tool.
What are QOZs?
The QOZ program is a new tax incentive designed to re-invest private sector capital into long-term equity investments in real estate, infrastructure, operating businesses, and start-ups located in low-income communities around America. It is the largest community investment program in a generation, creating a new industry of domestic emerging market funds from the $6 trillion in available capital gains.
The creation of OZs via the 2017 Tax Cuts and Jobs Act has unleashed a flurry of activity across the spectrum of OZ stakeholders. Thousands of funds, projects, and players are emerging with varying levels of expertise, sophistication, and credibility. In this fluid and fragmented market, early movers will have disproportionate influence over whether or not the OZ program fulfills its promise. The stakes are particularly high in California, where we are home to 10% of the 8,700 qualified opportunity zones identified in the country. CalOZ seeks to convene, engage, and mobilize leaders from all facets of the OZ marketplace to ensure that the Golden State becomes a national model for achieving transformative impact via OZ investments.
"Everyone here in California that wants to stay here, invest here and build their projects here, we want you to stay here. California is open for business."
Fiona Ma, California State Treasurer