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CLIENT ALERT: Capitalizing on New Opportunity Zone Incentives to Spur Economic Development

Client Alert
May 13, 2019

Created as part of the recently passed Tax Cuts and Jobs Act, “OPPORTUNITY ZONES” are designed to encourage long-term investments in underserved communities.  By offering tax benefits to private investors who choose to invest their capital at the nexus of need and opportunity, the program supports a broad array of investments and presents an opportunity for creative problem-solving strategies to address community needs.

THE PROGRAM BENEFIT

The program offers investors tiered tax benefits depending on the term of the investment, including a temporary deferral and partial reduction of capital gains, as well as the potential to exclude capital gain tax from future appreciation on the investment.  It is designed to tap into the estimated $6T+ of unrealized capital gains held by U.S. individuals and companies by incentivizing investors to re-invest that capital in low-income communities to spur economic development and job creation.

REQUIREMENTS FOR INVESTORS

In order to receive the entire 15% step-up in basis of the re-invested capital gain, which requires a full 7-year holding period prior to December 31, 2026, investors must make a qualifying investment by December 31, 2019.  Detailed regulations have been recently issued to provide new and helpful guidance.

BMD IS HERE TO HELP YOU

Our advisors have extensive experience structuring investment transactions and are uniquely positioned to help you achieve your business objectives by exploring the possibilities available to you through the Opportunity Zones. 

To learn more or to take advantage of the benefits, please contact Jason A. Butterworth or R. Kevin Saunders.  

 

 

Opportunity ZonesBMD Economic DevelopmentJason A. ButterworthR. Kevin SaundersBMD Akron Ohio
Client Alert

Ohio Appellate Court Rules in Favor of Gender-Affirming Care

March 19, 2025On March 18, 2025, the 10th District Court of Appeals in Franklin County ruled that Ohio’s House Bill (HB) 68, which restricts puberty blockers and hormone therapy for minors seeking gender-affirming care, violates the Health Care Freedom Amendment and is therefore unenforceable. The court found that the law unlawfully interferes with parental rights and medical decision-making. The case, Moe v. Yost, has been remanded, and Ohio Attorney General Dave Yost intends to appeal.Client Alert

HHS Revokes Public Comment Requirement on Certain Policy Changes

March 5, 2025The U.S. Department of Health and Human Services (HHS) has revoked the Richardson Waiver, eliminating the requirement for public notice and comment on certain policy changes. This decision allows HHS to implement new policies more quickly, potentially affecting healthcare funding rules like Medicaid work requirements. While it speeds up policymaking, it also reduces opportunities for stakeholder input, raising concerns over transparency and unintended consequences for healthcare providers, states, and patients.Client Alert

Don't Get Caught Dazed and Confused: Another Florida Court Weighs in on Employer Obligations to Accommodate Medical Marijuana Use

March 3, 2025A Florida trial court ruled in Giambrone v. Hillsborough County that employers may need to accommodate off-duty medical marijuana use under the Florida Civil Rights Act (FCRA). This contrasts with prior rulings and raises new compliance challenges for employers. With the case on appeal, now is the time to review workplace drug policies.Client Alert

Corporate Transparency Act to be Re-evaluated

February 28, 2025Recent federal rulings have impacted the enforceability of the Corporate Transparency Act (CTA), which took effect on January 1, 2024. While reporting requirements were briefly reinstated, FinCEN has now paused enforcement and is reevaluating the CTA. Businesses are no longer required to submit reports until further guidance is issued. For updates and legal counsel, contact BMD Member Blake Gerney.Client Alert

Ohio Recovery Housing Operators Beware: House Bill 58 Seeks to Make Major Changes

February 26, 2025Ohio House Bill 58 proposes significant changes to recovery housing oversight, granting ADAMH Boards authority to inspect and investigate recovery residences. The bill also introduces a Certificate of Need (CON) program, requiring state approval for major facility changes. OMHAS will assess applications based on cost, quality, accessibility, and financial feasibility. The bill also establishes a recovery housing residence fund to support inspections. For more information, contact BMD attorneys Daphne Kackloudis or Jordan Burdick.
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