Federal tax reform enacted in 2017 resulted in a program called qualified opportunity zones (QOZs) which enables tax savings through investment in distressed areas. But, did you know that projects and businesses receiving opportunity zone fund investment aren’t precluded from seeking other credits and incentives?
In fact, state and local economic development agencies may be more likely to direct public dollars toward QOZ projects or businesses in the form of income tax incentives, hiring incentives, non-tax incentives, or property tax reductions.
Here are a few state, local, and federal tax credits and incentives businesses should consider when investing in QOZs.
Orlando Business Journal
By Rob Calafell, Principal Tax Services and Debbie Singer, Senior Manager – RSM
Jun 2, 2019