Rutherford County's Economic Opportunity Zones!

May 07, 2021 at 09:25 am by robmtchl


America is the land of opportunity.

Rutherford County is also a land of "opportunity zones" as well! If you aren't familiar with what they are; maybe this will help and might give you some ideas of your own.

Opportunity Zones are an economic and community development tool established by the Tax Cuts and Jobs Act of 2017. This new tool is designed to drive long-term capital to low-income communities. The new law provides a federal tax incentive for investors to re-invest their capital gains into Opportunity Funds, which are specialized vehicles dedicated to investing in designated in specific communities.

Does that explanation help at all?

What it does is assist those with assets to invest without facing adverse tax consequences, and it directs those investments into areas that could benefit from industry or commercial investment. Take for instance the Kroger on Middle Tennessee Blvd. Had the parent company taken advantage of this program they might have kept the store in operation. Many times it isn't that there is a lack of programs to assist communities which is the problem. The problem is one of knowing what programs are out there and how to put them to best use.

Contact our local Chamber of Commerce for more information or reach out to the State of Tennessee for more information.

Sometimes we spend a great deal of time focusing on helping others do business in our community that we forget to focus on our "homegrown" business owners. Let's change that!

Find out more about Tennessee's Opportunity Zones here.

Sections: Business News Opinion


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