- Roundtable discussions regarding the QOZ incentive will take place on May 10 and May 12
NASHVILLE, Tenn. – The Tennessee Department of Economic and Community Development (TNECD) announced today two opportunities to participate in roundtable discussions focusing on the Qualified Opportunity Zone (QOZ) incentive, which as of December 2021, has raised roughly $24 billion in equity through more than 1,300 QOZs, according to Novogradac.
The events will take place on May 10 in Nashville and May 12 in Memphis.
“Since its inception roughly five years ago, the Qualified Opportunity Zone incentive has raised a significant amount of private capital, so we encourage our Tennessee stakeholders to take part in these events to learn more about Opportunity Zones and the robust QOZ incentive,” TNECD Commissioner Bob Rolfe said. “These discussions will allow community members located within Opportunity Zones to better understand potential projects that can result from investing in these areas of our state, which will, in turn, better equip our communities for future economic development growth.”
For the Nashville roundtable, TNECD, in partnership with the Nashville Entrepreneur Center, will give the latest updates regarding the QOZ incentive and recent Opportunity Zone legislation.
In addition to discussing the QOZ incentive, the May 10 roundtable in Nashville will serve as a chance for participants to learn about innovative solutions and structures that are working for developers and investors as well as new community development opportunities.
The second Opportunity Zone roundtable in Memphis will function similarly to the Nashville event. TNECD, in partnership with the Memphis Chamber, EPICENTER and Start Co., will facilitate discussion focusing primarily on the QOZ incentive and allow participants to hear from some of the nation’s foremost experts on qualified 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 invited to attend the roundtable discussion.
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 Nashville and Memphis roundtables can be found below:
Tuesday, May 10, 9-11:30 a.m. CDT
Tennessee State Museum
1000 Rosa L. Parks Boulevard, Nashville, TN 37208
To learn more and register, click here.
Thursday, May 12, 9-11:30 a.m. CDT
150 Peabody Place, Memphis, TN 38103
To learn more and register, click here.
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, Instagram and LinkedIn. Like us on Facebook. Subscribe to our YouTube channel.
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