Tue, March 26, 2019
The WOCC Economic Governmental Advocacy Committee presented the 1st Spotlight Speaker on Friday, March 22nd, prior to their committee meeting. The Spotlight Speaker presentation focused on Opportunity Zones and their locations within West Orange County. Dan Kilponen with Orange County Government, delivered a comprehensive view of this newly formed economic development incentive. There are multiple Opportunity Zones located in Orange County, with several in the West Orange County footprint.
The Opportunity Zone incentive is a new community investment tool established by Congress in the Tax Cuts and Jobs Act of 2017, which encourages long-term investments to low-income urban and rural communities nationwide. Opportunity Zones provide a tax incentive for investors to re-invest their unrealized capital gains into dedicated Opportunity Funds. Investors who sell assets have 180 days to invest their taxable capital gains into an Opportunity Fund. Tax on the original reinvested gain isn't due until 2026, and the taxable gain is cut by up to 15%. Meanwhile the new Opportunity Fund investment grows tax-free, like a Roth IRA, provided it's held for at least ten years. To learn more about this new economic development incentive, please click here. https://eig.org/opportunityzones
After Dan’s explanation of the Opportunity Zones, Ken Dwyer with the Pine Hills Community Council talked about the renewed Pine Hills and the benefits of investing in the different areas within. Ken also highlighted the Pine Hills Neighborhood Improvement District (PNID) Uptown & Downtown, Westside Crossings (Chinatown), along with the various restaurants and entertainment amenities.