Tag Archives: tax benefits

Economic & Community Development Opportunities – Jan 2019

{Pam May, Interim President & CEO, Alliance}

Tennessee’s Department of Economic & Community Development has established 176 tracts in the state that are qualified Opportunity Zones, providing tax benefits to investors through Opportunity Funds. One of those tracts is in Roane County (census tract 47145030600). Through the Tax Cuts and Jobs Act of 2017, established by Congress, Tennessee established these zones that offer incentives to invest in low-income communities. By re-investing capital gains into an Opportunity Fund, three types of tax benefits are available: temporary deferral, a step-up basis, and permanent exclusion on capital gains accrued after the initial investment.

Qualifying investments include multifamily housing, industrial development, brownfield redevelopment, retail development, operating businesses and a variety of other investments. Additionally, these investments can be paired with almost any federal, state or local incentive.

Justin Snow, Director of Economic Development, the Roane Alliance, attended a seminar provided by the state to learn more about the incentives. In addition, developers have shown interest in finding investors for projects within the Roane County Tract.

To learn more details about the opportunities visit tn.gov/ecd/opportunityzones or if interested in investing in Roane County contact Justin at 865.376.2093 x202 or jsnow@roanealliance.org.