Opportunity Zones – New economic development tool for investing in Flint
The City of Flint is excited to announce that the U.S. Treasury and Internal Revenue Services has announced the First Round Of Opportunity Zones Designations and the City of Flint has 9 census tracts, plus the census tract north/west of Bishop Airport, that have been designated.
Qualified Opportunity Zones retain this designation for 10 years. Investors can defer tax on any prior gains until no later than December 31, 2026, so long as the gain is reinvested in a Qualified Opportunity Fund, an investment vehicle organized to make investments in Qualified Opportunity Zones. In addition, if the investor holds the investment in the Opportunity Fund for at least ten years, the investor would be eligible for an increase in its basis equal to the fair market value of the investment on the date that it is sold.
For more information about the tax credits, opportunities available to investors, and locations, please contact Rodrick Miller, Director of Economic Development for the City of Flint at 810 766-7346 x 2025 or [email protected].