NASHVILLE – The Tennessee Department of Economic and Community Development (TNECD) will host a regional training on the benefits of Opportunity Zones at the Leslie Town Centre in Cookeville on Dec. 7 from 9 a.m. until 12 p.m. Opportunity Zones are a new community development tool established by Congress in the Tax Cuts and Jobs Act of 2017 and designed to drive long-term capital to low-income communities. There are opportunity zones in each of the 14 Upper Cumberland counties.
A list and map of Tennessee’s approved Opportunity Zones can be found here. Community leaders, organizations and investors interested in learning more about Opportunity Zones, including how the benefit works and how communities can attract investment, are encouraged to attend.
“We are pleased to begin equipping our 176 approved Opportunity Zones in Tennessee for success,” TNECD Commissioner Bob Rolfe said. “We place a heavy emphasis on attracting and expanding businesses to Tennessee’s low-income communities, and with the assistance of the Opportunity Zone benefit, these communities will have another advantage to grow and create more jobs and opportunities.”
The goal of the training sessions is to educate stakeholders on how Opportunity Zones can be implemented throughout the state. The sessions will pair potential investors with projects, review various use case scenarios and provide time for open discussion.
Presenters include representatives from LaunchTN, Opportunity Alabama, Frost Brown Todd, LLC and Lattimore, Black, Morgan and Cain (LBMC).
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 register: https://tnecd-cookeville-oz.eventbrite.com
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 Team Tennessee, the department seeks to attract new corporate investment in Tennessee and works with Tennessee companies to facilitate expansion and economic growth. Find us on the web: tnecd.com. Follow us on Twitter: @tnecd. Like us on Facebook: facebook.com/tnecd.