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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

The End of the Public Health Emergency is (Finally) Here

February 23, 2023The COVID-19 Public Health Emergency (“PHE”) that has been in effect for over three years is finally slated to end on May 11, 2023.[1] With the end of the PHE will come many changes for healthcare providers to be aware of; however, some changes may not come until much later.Client Alert

Multi-340B Contract Pharmacy Locations on the Brink? The Third Circuit’s Ruling Gives a Hint.

February 17, 2023The 340B drug discount program requires pharmaceutical manufacturers to offer to sell their products at significant discounts to safety net providers called “covered entities.” In 1996, the Health Resources and Services Administration (HRSA) issued guidance authorizing covered entities to enter into a contract pharmacy arrangement with a single third-party contract pharmacy, to which the manufacturer would ship 340B medications but bill the covered entity. In 2010, HRSA issued revised guidance permitting covered entities to enter into an unlimited number of contract pharmacy arrangements.Client Alert

Five Opportunities for Operations and Compliance Excellence in 2023

February 17, 2023With the holidays behind us and the rest of the year ahead, now is the perfect time to get your operational/compliance house in order! Though your list might be a mile (or an inch) long, here are five places to start.Client Alert

The Pregnant Workers Fairness Act - What Employers Need to Know

February 17, 2023Effective June 27, 2023, the Pregnant Workers Fairness Act (PWFA) will require employers with at least 15 employees to provide reasonable accommodations for qualified employees with pregnancy-related restrictions unless doing so would impose an undue hardship on the employer.Client Alert

Valley National Bank/Trulieve Loan: A Big Step Out of the Shadows

January 18, 2023In a late December press release, Trulieve announced that it had secured a $71.5 million commercial bank loan. In addition to the amount of the loan, which may be the largest commercial bank loan to date to a cannabis company, the release prominently identified Valley Bank and featured both a quote from Valley’s Senior Vice President, John Myers, and a description of the Bank’s service platform and commitment to the cannabis industry.
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