LBMC shareholder discusses the intricacies of program targeting areas needing an economic boost
Since the summer, the Tennessee Department of Economic and Community Development has conducted various education sessions across the state related to what are called opportunity zones, census tracts with lots of low-income citizens and modest economic growth needing stimulation.
Brentwood-based professional services firm LBMC has teamed with the local office of Cincinnati-based law firm Frost Brown Todd to assess the zones. LBMC shareholder and wealth care advisory division leader Briana Mullenax is working directly with FBT attorney Chris Coffman on the effort.
What are opportunity zones and which areas have been designated such in Tennessee?
Opportunity Zones are low-income census tracts nominated by the governor of each state. From these nominations, the U.S. Department of Treasury designated more than 8,700 tracts across the states, territories and the District of Columbia as Qualified Opportunity Zones. The Tax Cuts and Jobs Act of 2017 created significant tax incentives for taxpayers who reinvest capital gains in certain property and businesses located or operating in these zones. The final round of certifications took place in June. In Tennessee, Treasury designated 176 tracts in 75 counties as Qualified Opportunity Zones