The City of Rock Hill and Rock Hill Economic Development Corporation in cooperation with the York County Bar Association, Piedmont Regional Association of Realtors and South Carolina Association of Certified Public Accountants will host a workshop on Opportunity Zones. A component of the 2017 Congressional Tax Cuts and Jobs Act, the Opportunity Zone (“OZ”) legislation amends the Internal Revenue Code to provide financial incentives to investors making investments into certain geographical areas, identified by state governments as economically distressed. The qualifying OZ investments are eligible for a deferral and reduction of capital gains taxes. Cited as a potential catalyst to unlock new investment capital, OZ funding has captured the attention of attorneys, accountants, investors, real estate developers, business owners and economic development professionals. Although this federal legislation is new and just taking shape in the field, the early actions within the business community are worthwhile to note.
Matthew B. Wexler and Ryne Johnson, Directors at the National Development Council (NDC), will make a presentation on Opportunity Zones, followed by a Q&A period. NDC is a national nonprofit corporation dedicated to increasing the flow of capital into economically disadvantaged communities to build affordable housing, create high quality jobs and develop social infrastructure. NDC has worked with the City of Rock Hill for over a decade, including the City’s efforts to support the Riverwalk and Knowledge Park projects.
The workshop presentations will cover the following topics:
• Overview of Opportunity Zone Statute and Regulations
o Basic components and mechanics
o Key issues on asset classes
o Investment timing issues
o Current regulations and remaining questions
• Responses from:
o Investors – creating funds and raising capital
o Real estate and business development – positioning projects and business growth for investments
o Public Sector – How municipalities are promoting their communities and potential investments
• Interests and concerns from Economic Development practitioners
o Impact reporting
o Reaching deep into disadvantaged communities
• What this means in Rock Hill
o Engaging stakeholders to identify priorities within established Opportunity Zones
o How the City is preparing to market potential investments
o Developing a platform to promote small and medium size projects and enterprises
Complete the form below to register. There is a $20 fee to cover the cost of lunch.
The cut-off date for registration is Friday, June 21, 2019.