Development agencies eagerly anticipate Opportunity Zones’ possibilities

Economic development agencies are looking forward to using the new federal Opportunity Zones “as a tool to enhance available incentives,” The Business Journal reports. The state of Ohio “chose 15 census tracts in the Mahoning Valley” for the program, which “allows taxpayers to defer any tax owed on capital gains by investing the realized gain” in the low-income Opportunity Zone tracts (see our August 13, 2018 blog post), according to the article. Anthony Trevena, director of the Northeast Ohio Development and Finance Authority, said, “[e]veryone believes it’s got the potential to be a game changer for our communities in those zones.” For more, read the full article

Economic Development, Financial Incentives, State Updates