August Mack Newsletter | April, 2019

Opportunity Zones
by Paula Warren

Opportunity Zones

What are Opportunity Zones?  Opportunity Zones is a community development program that includes census tracts that qualify for the Opportunity Zone program, generally composed of economically distressed communities.  Opportunity Zones have been designated in all 50 states in the US, the District of Columbia, and five (5) US possessions (American Soamoa, Guam, Northern Mariana Islands, Puerto Rico, and the Virgin Islands).  All of Puerto Rico qualifies as an Opportunity Zone. More than 8,700 Qualified Opportunity Zones have been qualified in the US and US Territories. Up to 25% of a State’s low-income census tracts were eligible for designation.  For this webinar, we will be focusing on the contiguous US, and more specifically, on Indiana.  Indiana has 156 qualified Opportunity Zones, with XX within the Indianapolis 465 loop.

In Indiana, Opportunity Zones include:

  • 58 Counties
  • 83 Cities and Towns
  • More than 1,000-square miles
  • 500,000 Hoosiers.
 

What are the benefits of investing in Opportunity Zones? In exchange for following the rules of the Opportunity Zone program and investing in Qualified Opportunity Zones through Qualified Opportunity Funds, investors can receive substantial capital gain tax incentives immediately and over the long term.  There is also a timetable that investors must follow in order to maximize the tax advantages available through the Opportunity Zone program. Per the State of Indiana website, investments made from Opportunity Funds into certified Opportunity Zones can receive three (3) key federal tax incentives to encourage investment in low-income communities, including:

  • Temporary tax deferral for capital gains reinvested in an Opportunity Fund.
  • Step-up in basis for capital gains reinvested in an Opportunity Fund.
  • Permanent exclusion from taxable income of long-term capital gains. 
 

How does the Community benefit?

What are the requirements to utilize the Opportunity Fund? 

For more information on this topic, sign up to attend our webinar on May 8, 2019.


Paula Warren is a Project Manager for closure services with August Mack Environmental, Inc. She has over 12 years of experience with extensive knowledge regarding geological and hydrogeological investigations, monitoring well installation and abandonment, soil and groundwater sampling, vapor intrusion evaluation, mitigation and system design, tank management, environmental site assessments, remedial evaluation, and regulatory coordination with State and Federal regulatory programs (e.g., CERCLA, RCRA, LUST, State Cleanup, Brownfields, Voluntary Remediation).  Paula graduated with a Bachelor of Science degree from Purdue University with a major in Natural Resources and Environmental Science and a concentration in Policy.  Paula can be reached at 317.916.3136 or via e-mail at pwarren@augustmack.com.


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