Officials at Tennessee State University have scheduled a one-day forum on Opportunity Zones for Tuesday, March 3.
This, according to a press release the U.S. Small Business Administration released Tuesday.
According to the Tennessee Department of Economic and Community Development’s website, Congress developed Opportunity Zones through the Tax Cuts and Jobs Act of 2017 as a community development tool.
These Opportunity Zones are supposed to drive long-term capital to low-income communities. The law also provides a federal tax incentive for investors to re-invest their capital gains into Opportunity Funds, which are specialized vehicles to invest in designated low-income areas, according to TNECD.
Tennessee has 176 census tracts that are qualified Opportunity Zones based on, among other things, retail development and low-income housing, TN ECD went on to say.
SBA spokesman Shawn McKeehan declined to answer The Tennessee Star’s specific questions about Opportunity Zones and how they affect Tennessee.
But the SBA press release offered other details.
“Opportunity Zone projects will be showcased that are underway in Knoxville, Memphis, and Nashville,” according to the SBA’s press release.
“The new Internal Revenue Service regulations governing Opportunity Zones and funding options for investment options in Opportunity Zones will be discussed. Tennessee resources will be made available to assist in the marketing of Opportunity Zone projects and funds.”
SBA Director of Rural Affairs Michelle Christian and Tennessee Department of Economic and Community Development Commissioner Bob Rolfe are scheduled to participate at the event, the press release said.
Likely attendees at the one-day event will include local citizens, attorneys, accountants, banks, credit unions, high network individuals, investors, foundations developers, real estate agents, entrepreneurs, financial advisors, and wealth managers, among other people, the SBA press release said.
Organizers have scheduled the Opportunity Zone event from 8:30 a.m. to noon, Tuesday, March 3, at the Tennessee State University’s Avon Williams Campus Auditorium at 330 10th Avenue North in Nashville, according to the press release.
– – –