CULLMAN – CPAs, bankers, lawyers, developers, investors, entrepreneurs and property owners in the city of Cullman are urged to attend a free meeting on Tuesday, June 12 from 10 a.m.-noon in the Cullman City Hall auditorium for more details on the new alternative economic development program, Opportunity Zones.
Alex Flachsbart with Balch and Jimmy Long with Bradley will be at the meeting to share information and answer questions about the program.
There are several areas in the city of Cullman and a small area in the city of Good Hope approved to be a part of this program (see map below).
The program incentivizes investors to make equity investments in Opportunity Zone-based businesses and development projects by providing:
- A temporary tax deferral for any realized, but not recognized, capital gains reinvested through the program (the “Original Gain”)
- The potential for a 10% to 15% reduction in the amount of tax otherwise payable on the Original Gain
- If the investment in the Opportunity Zone is held for ten years or more, a permanent exclusion of any capital gains derived from the eventual sale or exchange of the Opportunity Zone investment (not the Original Gain).