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Symposium to deep dive into ‘Opportunity Zones’

“Qualified Opportunity Zones” were created by the 2017 Tax Cuts and Jobs Act to spur economic development and job creation in distressed communities throughout the country.

And parts of Troy and Pike County are included within these zones.

The Alabama Association of CDCs (AACDC) and Opportunity Alabama are partnering with the City of Troy to bring a symposium on these opportunity zones throughout the entire wiregrass to The Studio in Downtown Troy from 10 a.m. to 2 p.m. on Tuesday, November 5.

Arden Blackwell, a Troy University graduate that now serves on the board of the AACDC, explained the importance of opportunity zones.

“The current administration passed the Tax Cut and Jobs Act in 2017 and created opportunity zones,” Blackwell said. “This is a familiar program, but this is the most robust version of it. Opportunity zones are specific geographical areas selected by governors of each state for redevelopment.”

The redevelopment is incentivized by tax breaks that are available to investors, Blackwell said.

“This is beneficial for investors because they are able to defer taxes for capital gains,” Blackwell said. “And once they’ve invested into an opportunity zone, the money made off that investment is tax-free as well.”

The symposium will be a deep dive into the requirements, benefits, and value proposition of Opportunity Zones in Alabama. If applicable, agencies can set up a vendor table during the luncheon, to highlight nuances of community and economic development within their footprint; there are possibilities for synergistic partnerships.

Registration is free. To register visit: https://www.eventbrite.com/e/opportunity-zones-wiregrass-symposium-tickets-74006995917.

For more information or questions: call Ms. Arden K. Blackwell at (205) 482-6320 or email theaacdc@gmail.com.