Parking Instructions for attendees*
Day parking at Homewood is valet-only and they are extending a special rate of $9 per car for this event. There is also limited street parking on Reid Street; and the Visitor Center parking garage is two blocks away at 73 Mary Street.
What are Opportunity Zones?
They are economically-distressed U.S. census tracts that have been nominated by the governor of each state and designated by the U.S. Treasury Secretary as a Qualified Opportunity Zone under the Tax Cuts and Jobs Act of 2017. That legislation included a new tax incentive to encourage private investment in low-income communities.
Why does it matter to you?
On October 19, 2018, the Treasury Department and Internal Revenue Service issued regulatory guidance containing several important taxpayer-friendly provisions that should make the Opportunity Zones incentives easier to utilize. That legislation included a new tax incentive to encourage private investment in low-income communities. Under the program, a taxpayer can defer and potentially reduce capital gain on the sale of property to the extent that the taxpayer reinvests the gain into an Opportunity Zone through a “qualified opportunity fund.” In addition, taxpayers may permanently exclude any gain realized from the post-acquisition appreciation of the taxpayer’s investment in the Opportunity Fund if the taxpayer holds the investment for at least ten years.
Business in your Backyard will feature Scott Barnes, an attorney with Haynsworth Sinkler Boyd, P.A., who will help you understand the significance of opportunity zones and will review the recently issued treasury regulations and discuss:
- Tax incentives available for investing in opportunity zones
- Qualification and certification of opportunity funds
- Considerations for structuring opportunity zone transactions