News Talk 94.1/AM 1600 Where The Upper Cumberland Talks
Tennessee Gov. Bill Haslam and the State Department of Economic and Community Development announced 176 Opportunity Zones today.
The U.S. Department of Treasury and the IRS approved the nominations.
Opportunity Zones encourage long-term investments in low-income communities through Qualified Opportunity Funds.
Investors can re-invest their capital gains into Opportunity Zones and receive federal capital gains tax benefits. Various investments qualify for tax benefits. Some qualifying investments include multifamily housing, industrial development, retail development, and brownfield redevelopment.
The report notes that all of Pickett and more than half of Clay County qualify as opportunity zones.
