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Sr Manager, Marketing & Communications
EDC Brings Clarity to Competitive Opportunity Zones
The Space Coast has nine opportunity zones designed to create capital investment and job creation.
Space Coast, FL (January 28, 2019) – On Thursday January 24, during an exclusive webinar, the Economic Development Commission of Florida’s Space Coast’s (EDC) Senior Director of Business Development, Gregory Weiner CEcD, provided an in-depth overview of Opportunity Zones, the federal program designed to encourage new capital investment and job creation in low income census tracts.
The Opportunity Zones Program was established through a provision in the 2017 tax bill called Tax Cuts and Jobs Act (H.R. 1) (TCJA). The program incentivizes investments in these special zones by providing up to a 100% capital gain tax liability reduction for qualified investments held for 10 years. Smaller capital gains tax liability reductions are available for shorter investment periods.
With a total of nine opportunity zones in Brevard County, the investment-dollar capture for this national program will be extremely competitive. The EDC can assist investors in identifying worthy projects, providing technical assistance in deal structure, developing a platform of state and local incentives where applicable, and bring together projects and potential investors.
This is a very attractive program which represents significant opportunities for investment. “Although the Opportunity Zones program will attract tens of millions of investment dollars, the competition to bring those dollars to a specific community will be intense. Through our webinar, the EDC focused on what communities, and individuals, can do to make local projects more investable,” said Lynda Weatherman, president and CEO of the EDC.
To learn more about Opportunity Zones, and their locations within Brevard County, visit SpaceCoastEDC.org/OpportunityZonesProgram
About the Economic Development Commission of Florida’s Space Coast
The Economic Development Commission of Florida’s Space Coast (EDC) is dedicated to attracting new business and investment and expanding existing industry throughout the Space Coast, influencing change on government laws and regulations affecting economic development, promoting the Space Coast to encourage new investment, supporting efforts of Space Coast military installations, and relaying new programs and procedures to assist manufacturing and high-tech companies. The EDC is a private, not-for-profit coalition whose stakeholders are business leaders committed to the economic growth and stability of Florida’s Space Coast. Visit www.SpaceCoastEDC.org
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