NASHVILLE, Tenn. – The Tennessee Department of Economic and Community Development announced today that it will begin hosting a second round of regional training sessions in partnership with local leaders to educate stakeholders on the benefit of Opportunity Zones.
Information on Tennessee’s approved Opportunity Zones can be found here. Citizens, community leaders, developers, foundations, attorneys, accountants and investors interested in learning more about Opportunity Zones, including how the benefit works and how communities can attract investment, are encouraged to attend.
“The state continues to put a major emphasis on attracting new and expanding businesses to our low-income communities in Tennessee,” TNECD Commissioner Bob Rolfe said. “With the assistance of the Opportunity Zone benefit, the communities across the state where the 176 approved Opportunity Zones are located will be better equipped for success and will be prepared for future economic growth.”
The goal of the training sessions is to educate stakeholders on how Opportunity Zones can be implemented throughout the state and to highlight the possibilities around investing in operating businesses.
The Qualified Opportunity Zone community development benefit was created by The Tax Cuts and Jobs Act signed in 2017. The federal benefit is designed to encourage long-term investment in low-income communities through Qualified Opportunity Funds.
Investors choosing to re-invest their capital gains into opportunity funds can earn three types of federal capital gains tax benefits: temporary deferral, a step-up in basis, and permanent exclusion on capital gains accrued after the initial investment. Additionally, Opportunity Zone investments can be paired with almost any federal, state or local incentive. Qualifying investments include multifamily housing, industrial development, brownfield redevelopment, retail development, operating businesses and a variety of other investments.
Tennessee’s 176 tract designations are located across 75 counties that submitted recommendations to TNECD and were chosen using a strategic, data-driven approach.
To learn more about a training session or to register, please see details below:
Kingsport – Wednesday, December 11, 2019 – 1:00 PM EST – 5:00 PM EST, MeadowView Conference Center, 1901 Meadowview Pkwy, Kingsport, TN 37660. To register click here.
Knoxville – Thursday, December 12, 2019 – 8:30 AM EST – 11:00 AM EST, Southern Railway Station, 306 West Depot Avenue, Knoxville, TN 37917 To register click here.
TNECD Media Contact
Carly Schroer, Public Information Officer
(615) 490-2995
[email protected]
About the Tennessee Department of Economic and Community Development
The Tennessee Department of Economic and Community Development’s mission is to develop strategies that help make Tennessee the No. 1 location in the Southeast for high quality jobs. To grow and strengthen Tennessee, the department seeks to attract new corporate investment to the state and works with Tennessee companies to facilitate expansion and economic growth. Find us on the web: tnecd.com. Follow us on Twitter and Instagram: @tnecd. Like us on Facebook: facebook.com/tnecd.
###
