STREAMING NOW: Watch Now

Opportunity Zones offer economic incentives for investors

Businesses can now take advantage of a program that could reduce tax payments on capital gains, and possibly pay as little as zero taxes on potential profits.

Posted: Nov 21, 2019 5:22 PM
Updated: Nov 21, 2019 6:18 PM

ROME, N.Y. -- New York State is working to entice business developers to invest in areas that have high levels of economic distress. They’ve created what they’re calling Opportunity Zones.

Opportunity Zones can reduce tax payments by up to 15%. There’s even bigger incentives for those who hold investments for 10 or more years. Mohawk Valley Edge President Steve DiMeo talked about who is currently being targeted. 

"Right now we’re probably looking more on the real estate side, so we’re trying to attract some investment capital into the urban centers here. So actually an example an opportunity fund project is the Air City Lofts project over at Griffiss that is one of the eligible census tracks in Rome," said DiMeo.

Air City Lofts is a mixed use development consisting of 84 apartments along with commercial space. It’s the first project in the Mohawk Valley that can take advantage of the Opportunity Zone incentives. Kate Jarosh is the Business Development Manager for Bonacio Construction, the developer for Air City Lofts. 

"Something that’s really exciting about our project being in an Opportunity Zone is not only for us and our investment, but it’s also for businesses that want to do a start-up, because it’s not just about real estate, it’s also about businesses and the benefits of opening a business in an Opportunity Zone," said Jarosh.

Mohawk Valley Community College in Rome held a forum to educate people about the benefits of investing in Opportunity Zones, and take advantage of Opportunity Funds. Ann Rushlo is with the Mohawk Valley Association of Realtors who is helping to inform investors and developers. 

"What people are really learning is what it takes to create an Opportunity Zone fund, what it takes to invest in an Opportunity Zone. The types of businesses and individuals that would really benefit from it, but also I think it allows people to start building a network of people that they can rely upon as they make those decisions to invest or locate in Opportunity Zones."

Any person or entity realizing significant capital gains, and looking to invest in real estate, may want to consider the incentives being offered in these Opportunity Zones.

For more information on Opportunity Zones and Opportunity Funds you can contact the Mohawk Valley Edge at: 315 338-0393 or go to their website: www.mvedge.org/.

New York Coronavirus Cases

County data is updated nightly.

Cases: 2514422

Reported Deaths: 56038
CountyCasesDeaths
Kings33302810840
Queens31485510285
Suffolk2388013596
Nassau2139053290
Bronx2073266748
New York1677674635
Westchester1434812338
Erie1057911944
Richmond887311933
Monroe838301183
Orange57344909
Rockland52979779
Onondaga51689758
Dutchess35490497
Albany30633388
Oneida28461585
Broome24233404
Niagara23884397
Saratoga20111198
Ulster17224278
Schenectady16592227
Rensselaer14692167
Putnam1244896
Chautauqua12318174
Oswego11556112
Chemung10798154
St. Lawrence10424126
Steuben10037173
Ontario9296110
Jefferson874874
Cayuga8613107
Sullivan843183
Wayne810384
Cattaraugus7622113
Genesee6945132
Herkimer6741128
Clinton666538
Tompkins647559
Fulton6258102
Madison6138102
Montgomery5890139
Livingston568071
Warren540782
Cortland531379
Tioga503671
Columbia4984111
Chenango465786
Allegany457196
Washington456467
Otsego454154
Greene435386
Wyoming434958
Orleans429487
Franklin423320
Lewis357138
Delaware352947
Seneca272563
Schoharie227721
Essex226831
Yates161028
Schuyler152417
Hamilton4353
Unassigned14826
Out of NY0311
Utica
Cloudy
57° wxIcon
Hi: 68° Lo: 51°
Feels Like: 57°
Oneonta
Partly Cloudy
57° wxIcon
Hi: 69° Lo: 49°
Feels Like: 57°
Herkimer
Mostly Cloudy
57° wxIcon
Hi: 71° Lo: 52°
Feels Like: 57°
Old Forge
Mostly Cloudy
57° wxIcon
Hi: 67° Lo: 48°
Feels Like: 57°
WKTV Radar
WKTV Temperatures
WKTV Severe Weather
Game Day Deals - New Deals Each Week
Chapter Aesthetic October Giveaway
Cool To Be Kind 2021
Looking for work or looking to hire? Check out the WKTV Job Fair!
Saluting Those Who Are Proud 2 Serve