We’ve had some requests for information on Opportunity Zones (OZs). We wanted to provide some of online resources for local investors and others interested in this program. Investors should consult their financial advisor for their specific situation.
Seneca County has an Opportunity Zone in Census Tract 39147963200 (Tiffin, Hopewell Township, Seneca Township) – a map tool is available at the excellent Novgradac Opportunity Zone Resource Center).
This first 7-minute video provides a quick summary of the program:
- How it can benefit investors by (1) deferring and reducing capital gains taxes for gains invested in OZs, (2) allowing tax-free gains on money invested in OZs and held for 10 years, and (3) allowing investments that are not like (e.g., stock sale can be invested real estate).
- Requirements include (1) money has to be invested into one of the 8,700 designated OZ census tracts, (2) money has to be invested through a qualified opportunity zone fund, and (3) there has to be new and/or significant (double the value) improvement into the property.
Here is another video going over the same material in a little bit more depth (18 minutes), with a focus on investor questions. More details, how you could create your own OZ fund, comparison with 1031 exchange, more investor Q&A.
Seneca County native Ashlie Depinet (Tiffin Columbian) provided this brochure from her firm (SquirePattonBoggs) overviewing the program, as well as a current update on legislation.