Designed to spur economic development and job creation, Opportunity Zones are valuable investment tools for private investors as they provide tax incentives on new development opportunities and strengthen local areas with an influx of capital dollars and investment.
The federal Tax Cuts and Jobs Act of 2017 established the ability for zones to be created across the country to incite private development by deferring certain taxes, most notably, the capital gains tax. Designation of Opportunity Zones is based on several factors including an analysis of poverty rates, population, unemployment rates and other economic indicators.
There are more than 30 designated Opportunity Zones throughout the region providing many real estate, commercial and business development opportunities for investors. To showcase the region’s investment potential of Opportunity Zones, JAXUSA Partnership is hosting an Opportunity Zones Conference and Marketplace on Aug. 22 at Florida State College of Jacksonville.
National economic development and community experts from Madison Street Strategies and Carras Community Investment, Inc. will highlight the economic benefits of Opportunity Zones and the ability to reinvest unrealized capital gains in Opportunity Funds. Local regional experts will highlight real estate and business development opportunities found throughout the region.
Other featured conference speakers include representatives from T. Brown Consulting Group, Jessie Ball duPont Fund, Greenberg Traurig, City of Jacksonville Mayor’s Office, U.S. Department of Housing and Urban Development, GrayRobinson, Hospitality Ventures Management and the U.S. Department of Commerce, Economic Development Administration, where they will be discussing other important aspects of Opportunity Zones.