- Training will take place Nov. 16 and 19, 2020
NASHVILLE, Tenn. – The Tennessee Department of Economic and Community Development announced today that it will host a third round of training sessions in partnership with law firm Frost Brown Todd LLC to educate stakeholders on the benefit of Opportunity Zones.
The training will take place virtually on Nov. 16 and 19 from 2 to 3:30 p.m. CST.
“We encourage Tennessee stakeholders to learn more about Opportunity Zones and the potential projects that can result from investing in these areas of the state,” TNECD Commissioner Bob Rolfe said. “As we continue to navigate through the pandemic, we remain focused on recruiting new companies to the state while helping our existing businesses grow and succeed. These training sessions will assist communities located within Opportunity Zones to be better equipped for future economic growth.”
The first webinar will focus on an Opportunity Zones 101 refresher by sharing updates on recent IRS action to provide flexibility in the wake of the COVID-19 pandemic, local initiatives and steps to identify qualifying projects and investors as well as examples of the different projects that are taking place within the state and country.
The second webinar will provide basic structures of Opportunity Zone projects and focus on setting up an Opportunity Zone fund, technical assistance tools that are available to small and rural communities, and potential availability of grant dollars to assist with projects.
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 invited to attend.
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.
Details about the training sessions can be found below:
Monday, Nov. 16, 2-3:30 p.m. CST
Webinar 1: Opportunity Zones and COVID-19
To learn more and register, click here.
Thursday, Nov. 19, 2-3:30 p.m. CST
Webinar 2: Opportunity Zones and the Tennessee Playbook
To learn more and register, click here.
TNECD Media Contact
Jennifer McEachern
Director of Communications and Marketing
(615) 336-2689
[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.
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