Opportunity Zones designed to drive long-term capital to low-income communities
You and your clients may have heard about the creation of Opportunity Zones in the December tax reform bill as a means of reducing the impact of capital gains.
Opportunity Zones are a new community development tool established by Congress in the Tax Cuts and Jobs Act of 2017. This new tool is designed to drive long-term capital to low-income communities. The new law provides a federal tax incentive for investors to re-invest their capital gains into Opportunity Funds, which are specialized vehicles dedicated to investing in designated low-income areas.
The federal government has approved several Opportunity Zones in Shelby County as detailed in this presentation. The presentation also includes the contacts in Shelby County for this program if you have any questions, or feel free to email(fhorrell [at] cfgm [dot] org) Director of Professional Advisor Development Frank Horrell or call him at (901) 722-0027 if we can help you figure out how this might work for your clients.