The Opportunity Zones incentive is a new community investment tool established by Congress in the Tax Cuts and Jobs Act of 2017 to encourage long-term investments in low-income urban and rural communities nationwide. Opportunity Zones provide a tax incentive for investors to re-invest their unrealized capital gains into dedicated Opportunity Funds.
What should I do if I want to consider these tax advantages?
The Opportunity Zones program is designed to incentivize capital investments in low-income communities nationwide. All of the underlying incentives relate to the tax treatment of capital gains, and all are tied to the longevity of an investor’s stake in a qualified Opportunity Fund, providing the most upside to those who hold their investment for 10 years or more. In order to qualify for the 10 year investment benefits, investments must be made before December 31, 2019. After this time-frame, investments may still be beneficial but the full benefit will expire.
Talk with an accountant familiar with Opportunity Zones and your financial advisor. To learn more about specific investment projects in the City of Painesville, contact Cathy Bieterman, Economic Development Director at 440-392-5795 for a list of contacts that can better assist you in your efforts to understand these exciting tax benefits.
What are some key project areas in the City of Painesville?
The City of Painesville is aggressively seeking investment in our designated Opportunity Zone Area. Below is a list of project areas for investment:
- Historic Veteran’s Square Civic District and Office District
- Main Street Historic Retail District
- Grand River Front District
- High Pointe Centre Residential District
- Richmond and Erie Street Retail Corridor
- The Site of Lake Erie College
- And several key business investments that could also qualify (at a 70% investment)
What research and data can the City of Painesville provide?
- Downtown and Community Master Plan and Comprehensive Plan
- Market Analysis
- Socio-Economic Data
- Overlay Districts and Code Assistance
- Financial Incentives
- Design Standards
- Area Plans
- Customized Research for your Investment Decisions