A recent airing of the South Carolina Business Review featured Bob Nachman, partner at Nachman Norwood and Parrott, who spoke about Opportunity Zones with Mike Switzer. During this episode, Bob explains the function of Opportunity Zones and the unique tax benefits associated with such investments.
Opportunity Zones are designated by each state and certified by the Secretary of Treasury. Around the United States, there are approximately 8,700 tracts of land with the Opportunity Zone designation. Bob shares that the obvious goal of Opportunity Zones is to improve economic stability in low-income communities for existing residents but noted that it may further complicate the effects of gentrification.
Although Opportunity Zones were created in 2017 by the Tax Cut and Jobs Act, Bob comments that the IRS released most of the regulations surrounding these properties in 2018.
To listen to the episode, visit the South Carolina Business Review website. If you’re interested in learning more about Opportunity Zones before tax breaks end, call us at (864) 467-9800.