The dawn of 2020 brings a spirit of fresh opportunities for municipalities to address challenges, develop (or re-develop), and pursue growth by aligning with investors and government programs. The new year also offers a chance to refocus on Opportunity Zones, the federal tax incentive program that Harris Beach continues to monitor in order to best counsel clients, including municipalities. (There are 514 Opportunity Zones throughout New York state.)
In December, I spoke as a panelist on an Executive Forum on Opportunity Zones, hosted by Buffalo Business First, to discuss where the zones are located, who is investing, tax benefits and original use regulations. I also noted in an editorial that the Opportunity Zone program is heading full steam into 2020; and while the first in a series of deadlines occurred on New Year’s Eve, investors and interested parties can still get in the game. Final regulations for Opportunity Zones were issued in December.
