Here are a couple of items from the recent commercial council meeting.
Erik Bredfeldt, City of Gainesville Economic Development and Innovation Director, 352-393-8614 or firstname.lastname@example.org.
Requests from Erik: (Please submit by Friday, June 21)
- Any input on the presentation that was shown today…specifically are there any data points relative to market/pricing (or other information) that we need to incorporate; and
- Is there interest in bringing someone to town to discuss specific aspects of the OZ program?
Here is the link regarding the IRS direction (FAQ page) on the program- https://www.irs.gov/newsroom/opportunity-zones-frequently-asked-questions.
One question regarding the window for investments and then the incentive/disincentive towards foreign investment. While some consensus was reached with those in attendance it would be advised to consult directly with IRS, Treasury, or a CPA. Update from Erik, “I was looking at recent article on the OZ program and a slight clarification on one question that came up on OZ’s the other day and that is regarding deadlines…although it does appear that the end of 2019 marks the time at which one would have to make an OZ investment via an Opportunity Fund to take advantage of the seven year deferral (end date 2026) it doesn’t appear that if not met that there aren’t other tax advantages associated with the program so probably is a good reason to try to bring in someone who can really drill down on the details here and then also, because of the complexities of the program, too advise folks to seek out professional advice from a tax advisor/CPA.”
Video of San Felasco Tech City-
Phil Kabler’s legislative update document View Document