Maximizing the Impact of New Opportunity Zones

Description

Opportunity Zones are a new community development tool established by Congress in the Tax Cuts and Jobs Act of 2017. This new tool is designed to drive long-term capital to low-income communities. The new law provides a federal tax incentive for investors to re-invest their capital gains into Opportunity Funds, which are specialized vehicles dedicated to investing in designated low-income areas. There are 176 census tracts in Tennessee that are qualified opportunity zones. These low-income tracts were nominated by Tennessee and certified by the Secretary of the Treasury. Tennessee’s 176 tract recommendations were determined based on a strategic and data-driven review of county mayor feedback in addition to consideration of state priorities and initiatives including: • Business development and brownfield redevelopment opportunities • Retail, commercial and tourism development opportunities • Community and rural development initiatives • Low-income housing development opportunities • Proximity to entrepreneur centers, technology transfer offices, and colleges and universities Come join a regional conversation as we discuss current regulations for zones and funds and best practices for taking advantage of the program, based in part on the successes and failures of past 'zone' initiatives. Speaker(s): Speaker information is forthcoming Co-Sponsor(s): State of Tennessee Economic & Community Development; Appalachian Community Federal Credit Union; Kingsport Chamber; Bristol Chamber; Johnson City Chamber; NETWORKS Sullivan Partnership; First Tennessee Development District; Tennessee Small Business Development Center at East Tennessee State University; Kingsport Office of Small Business Development & Entrepreneurship Register on eventbrite: https://www.eventbrite.com/e/maximizing-the-impact-of-new-opportunity-zones-tickets-52029050290 Fee: No Cost Phone: 423-392-8825 Email: awilcox@tsbdc.org