Posted in: Lawyers › None
Dorothy can click her heels three times to go home, and you can click one time to read Steven Arsenault’s article in SC Lawyer about opportunity zones, also known as OZ. Arsenault breaks it down for you to show you that the yellow brick road of tax deferral is closer than you think.
Taxes are something that can’t be avoided, and any time a new tax opportunity comes along, people focus on it to see how it will benefit them. Opportunity Zones aren’t built just to benefit the investor, but to provide an economic benefit back to the community.
“Opportunity Zones provide a great tax opportunity (no pun intended) for people who have significant capital gains from sales of property to reinvest their gain in an area where the reinvestment will have a beneficial community effect,” says Arsenault.
There is at least one opportunity zone in every county in South Carolina. It can come in many forms like hotels, apartment complexes, housing project and even a movie theater. “These projects provide jobs to the local community and help provide incentives to invest in low-income areas that have a critical need for economic development funding,” explains Arsenault.
If you’re wondering if you’re sitting on a yellow brick road of tax deferrals, take a look at the SC Opportunity Zone website and see zones in your area. These are a unique way to benefit yourself and your surrounding community.
Still looking for a reason to invest in Opportunity Zones? The way the law is written, unless Congress extends it, the ability to make use of your zones will disappear in 2026.
In Aresnault’s story, you won’t find the Wicked Witch of the West. “I didn’t think it was a good idea to add her in,” he jokes.??