The White House hosted a nationwide conference call this morning ahead of President Trump signing the Executive Order on Opportunity Zones. Nampa Mayor Debbie Kling participated on the call and would like to remind the investment community of North Nampa’s Opportunity Zone.
Opportunity Zones are defined by the IRS as “an economically-distressed community where new investments, under certain conditions, may be eligible for preferential tax treatment." Earlier this year, Governor Otter named North Nampa one of Idaho’s 28 Opportunity Zones.
Opportunity Zones are a new economic development tool which provides tax incentives for investors to develop in targeted areas. The tax benefits include deferring and reducing capital gains on a sliding scale based on length of time the property is held. Tax incentives are outlined on the IRS website.
Economic & Community Development Director Beth Ineck said, “North Nampa is one of our oldest neighborhoods and has not seen significant investment activity for many years. Designating North Nampa as an Opportunity Zone provides investors an opportunity to offset floodway related costs and potential challenges associated with older structures.”
For more information on Opportunity Funds currently being established, or other questions about North Nampa’s Opportunity Zone, please contact Beth Ineck at (208) 468-5488 or email firstname.lastname@example.org.
IRS FAQs on Opportunity Zones: https://www.irs.gov/newsroom/opportunity-zones-frequently-asked-questions
Idaho Department of Commerce October 3, 2018 Opportunity Zone presentation: https://commerce.idaho.gov/content/uploads/2018/10/OZ-Handout.pdf