Investors across the nation have begun looking to develop projects in a federally-recognized Opportunity Zone.
An Opportunity Zone is an economic development tool, designed to spur economic development and job creation.
High Point has three Opportunity Zones, and two of those zones are in the city’s downtown area (please see the adjacent downtown Opportunity Zones map).
Opportunity Zones can provide tax benefits to investors. According to the IRS:
“First, investors can defer tax on any prior gains invested in a Qualified Opportunity Fund (QOF) until the earlier of the date on which the investment in a QOF is sold or exchanged, or December 31, 2026. If the QOF investment is held for longer than 5 years, there is a 10% exclusion of the deferred gain. If held for more than 7 years, the 10% be comes 15%.”
“Second if the investor holds the investment in the Opportunity Fund for at least 10 years, the investor is eligible for an increase in basis of the QOF investment equal to its fair market value on the date that the QOF investment is sold or exchanged.”
For in-depth information on how to invest in High Point’s Opportunity Zones:
Enter “Opportunity Zones” in the search box at Treasury.gov and IRS.gov; and/or
Consult your accountant.
Contact the High Point Economic Development Corporation for more information about currently available Opportunity Zones properties and sites in which to invest:
- High Point Economic Development Corporation
- 211 South Hamilton Street, Suite 200, High Point, NC 27260
Thank you to the High Point Economic Development Corporation for providing all of the material used in this article.