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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

Now in Effect: DOL Final Rule on Classification of Independent Contractors

March 21, 2024Effective March 11, 2024, the U.S. Department of Labor (DOL) has adopted a new standard for the classification of employees versus independent contractors — a much anticipated update since the DOL issued its Final Rule on January 9, 2024, as previously discussed by BMD.  In brief, the Fair Labor Standards Act (FLSA) creates significant protections for workers related to minimum wage, overtime pay, and record-keeping requirements. That said, such protection only exists for employees. This can incentivize entities to classify workers as independent contractors; however, misclassification is risky and can be costly.Client Alert

Florida's Recent Ruling on Arbitration Clauses

March 15, 2024Florida’s recent ruling on arbitration clauses provides a crucial distinction in determining whether such clauses are void as against public policy and providers may have the opportunity to include arbitration clauses in their patient consent forms. On March 6, 2024, Florida’s Fourth District Court of Appeals reversed and remanded Florida’s Fifteenth Circuit Court ruling of Piero Palacios v. Sharnice Lawson. The Court of Appeals ruled that the parties’ arbitration agreement did not contradict the Legislature’s intent of Florida’s Medical Malpractice Act (the “MMA”), but rather reflects the parties’ choice to arbitrate claims entirely outside of the MMA’s framework. Therefore, the Court found that the agreement was not void as against public policy.Client Alert

Corporate Transparency Act Update 3/14/24

March 14, 2024On March 1, 2024, a federal district court in the Northern District of Alabama concluded that the Corporate Transparency Act (“CTA”) exceeded Congressional powers and enjoined the Department of the Treasury from enforcing the CTA against the plaintiffs. National Small Business United v. Yellen, No. 5:22-cv-01448 (N.D. Ala.). On March 11, 2024, the U.S. Department of Justice appealed the district court’s decision to the Eleventh Circuit Court of Appeals.Client Alert

The Ohio State University Launches Its Accelerated Bachelor of Science in Nursing Program

February 27, 2024In response to Ohio’s nursing shortage, The Ohio State University College of Nursing is accepting applications for its new Accelerated Bachelor of Science in Nursing program (aBSN). Created for students with a bachelor’s degree in non-nursing fields, the aBSN allows such students to obtain their nursing degree within 18 months. All aBSN students will participate in high-quality coursework and gain valuable clinical experience. Upon completion of the program, graduates will be eligible to take the State Board, National Council of Licensure Exam for Registered Nursing (NCLEX-RN).Client Alert

Another Transparency Obligation: The FinCEN Beneficial Ownership Information Reporting Requirements

February 26, 2024Many physician practices and healthcare businesses are facing a new set of federal transparency requirements that require action now. The U.S. Department of Treasury Financial Crimes Enforcement Network (“FinCEN”) Beneficial Ownership Information Reporting Requirements (the “Rule”), which was promulgated pursuant to the 2021 bipartisan Corporate Transparency Act, is intended to help curb illegal finance and other impermissible activity in the United States.
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