New York state has designated 514 census tracts as Qualified Opportunity Zones. Census tracts qualify as opportunity zones if they have been nominated for that designation by the state; and if that nomination has been certified by the Secretary of the U.S. Treasury via his delegation of authority to the Internal Revenue Service. Qualified Opportunity Zones have mentioned the potential benefits for municipalities from this federal incentive. By encouraging private investment in under-served communities, this program can inject much needed capital into areas where it’s needed most.
As this program evolves, Harris Beach can support municipalities in many ways, including setting up an LLC and self-directing funds for specific projects. During this overview, attorneys Pietra Zaffram and Michael Curti, our “wizards of QOZ,” discussed how to maximize benefits while avoiding pitfalls. Listen to learn more about the benefits presented by Qualified Opportunity Zones.