This was the third meeting in a year for investors to learn about Opportunity Zones (OZs) that were created as part of the 2017 Tax Cuts and Jobs Act to encourage investment in low-income and rural areas.
Kingsport’s ‘Opportunity Zones’ could see major investment. One is downtown Kingsport. The other is across from the Holston Army Ammunition Plant.
Tennessee’s 176 tract designations are located across 75 counties that submitted recommendations to the Tennessee Department of Economic and Community Development. Four are in Sullivan County, including one along Industry Drive in Kingsport.
Opportunity Zones are a new community development tool established by Congress in the Tax Cuts and Jobs Act of 2017. This new tool is designed to drive long-term capital to low-income communities. The new law provides a federal tax incentive for investors to re-invest their capital gains into Opportunity Funds, which are specialized vehicles dedicated to investing in designated low-income areas.