Federal Opportunity Zones

The Opportunity Zone (OZ) program is a federal tax incentive program that was established under the Tax Cuts and Jobs Act of 2017, designed to attract investment to the country’s most underserved urban, suburban and rural communities. It provides federal tax incentives for taxpayers who invest unrealized capital gains into designated “Opportunity Funds,” dedicated to investing in established “Opportunity Zones.”

 

Maine & Co. has done extensive research and fact gathering concerning the Opportunity Zone program.  This tax incentive initiative was incorporated as a new business attraction tool with Maine & Co.’s marketing materials and investment packages given to potential investors.

Some of Maine’s economic development entities that have Opportunity Zones located in their regions, such as MRRA/Brunswick Landing and the Town of Lincoln, have begun highlighting this tax incentive program on their websites and through the media.  See:

• http://mrra.us/brunswick-landing-among-32-maine-opportunity-zones/
• https://www.foxbangor.com/news/item/45984-lincoln-sets-up-opportunity-zones-for-businesses

Others, such as the Town of Limestone and the Central Maine Growth Council are coordinating marketing materials and hosting educational workshops on OZ incentives in their regions.

• http://www.mainebiz.biz/article/20180904/NEWS0101/180909991/limestone-workshop-features-tips-on-%E2%80%98opportunity-zone%E2%80%99-investing
• https://www.centralmaine.org/opportunity-zone/

Maine and Co. will continue working cooperatively with the State, as well as Maine’s businesses, municipalities, and finance & real estate communities, particularly as the U.S. Treasury rolls out the final details and provides clarity for the Opportunity Zone’s rules this Spring.