A Sea Of Red

Anyone investing and/or developing an opportunity zone fund in Lynchburg (specifically in the two zones by campus)? If not, do you know someone else that is involved with a QOZF?

I see you working. I didn't realize there were designated zones in Lynchburg. Now my curiosity is piqued.

Any chance I could get an ELI5?

Explain like I'm five.

Federal Opportunity Zones were created as part of the tax reform bill passed by Congress in 2017. Each state was able to submit locations that were in need of economic stimulation. Generally, these are low income areas. The goal is to get investors that are holding assets (investments, properties, businesses, etc...) to sell them them and not pay the capital gains tax if they reinvest the gains into funds that are being created to invest in these opportunity zones. Capital gains would not have to be paid until 2026 if the investment remains. Additional tax benefits apply if the investment is held for 10 or more years.

Clear as mud?

Opportunity Zones, good stuff. The Southern Virginia Mega Site @ Berry Hill is in one. Largest mega site in Virginia and 5th largest shovel ready site on the east coast. Could be a game changer for Danville, Martinsville area.