Opportunity Zone Incentives in Wadena MN
20 Jul 2020
Are you interested in starting, relocating, or expanding your business in Wadena County or our surrounding communities? Our Opportunity Zone incentives make it more financially attractive to do so.
Opportunity Zones are a new community development program established by Congress in the Tax Cut and Jobs Act of 2017 to encourage long-term investments in low-income and urban communities.
Opportunity Funds are a new class of private sector investment vehicles authorized to aggregate and deploy private investment into Opportunity Zones. Opportunity Funds allow U.S. investors holding unrealized gains in stocks and mutual funds to pool their resources in projects located in Opportunity Zones, which will be invested in designated census tracts.
Opportunity Funds pool investments in Opportunity Zones and U.S. investors are eligible to receive:
- A temporary tax deferral of capital gains invested in an Opportunity Fund
- A step-up basis for capital gains reinvested in an Opportunity Fund
- A permanent exclusion from taxable income of capital gains from the sale or exchange of an investment in a qualified opportunity zone fund if the investment is held for at least 10 years.
If you have questions contact Katie Heppner at wceda@wcta.net or 218-837-5950.
Click here to learn more about incentives available in West Central, Minnesota.
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