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More than curb appeal, Opportunity Zones are new location-based tax incentives that may sweeten your business deal.
Opportunity Zones (OZ) are a new incentive of the Tax Cuts and Jobs Act of 2017. They are designed to spur long-term investment in low-income areas. They are federal tax incentives and are different from state income tax credits known as Enterprise Zones.
However, the new tax code is very complicated. Please contact an Opportunity Zone tax specialist to understand the tax advantages of your OZ investment plan.
Eight Opportunity Zones (OZ) are designated in the Pikes Peak region and El Paso County, Colorado. Business owners and real estate investors who generate new business in these zones may qualify to:
1) Defer paying tax on original capital gain.
2) Reduce taxes owed on capital gain.
3) Eliminate tax on new capital gain earned from OZ investments.
Contact an OZ tax specialist to explore how this incentive works for your unique circumstance.
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