ORLANDO, FL – November 25, 2019 – In the Orlando Sentinel article, “Opportunity Zones are Meant for the Poor. But They Could Help Rich Orlando, Winter Park Areas, Too,” tax attorney Tucker Thoni, provides insight surrounding the new Qualified Opportunity Zone tax incentive program designed to help drive investment to underprivileged and blighted areas by incentivizing development in such areas with federal tax benefits.
Under the program, the governors of each state nominated certain low-income census tracts as Qualified Opportunity Zones. Census tracts can vary greatly with some as large as thousands of acres and others just a few blocks wide. Certain of the Qualified Opportunity Zones in Central Florida cover not only blighted areas but also emerging areas and even prime development areas, which has the potential to put developers and business owners in position for windfall tax benefits, which has drawn criticism and calls for reform from the national press and in recent presidential primary debates.
Thoni, who has published articles about and spoken at conferences, seminars, and workshops across the state on the new Qualified Opportunity Zone program, said of the recent criticism, “It’s a little bit short-sighted.” He added, “The program, in general, is very positive. It’s a way to increase the tax base of these areas in a meaningful way, and the only way to increase resources in blighted areas is to increase the tax base.”
Thoni cautioned against some of the reform bills currently being considered by congress, warning that investors would be wary of putting millions of dollars into an investment within a zone if there was the potential to have it retroactively pulled from the list of zones. To access the full article, subscribers may click here.
If you have questions about the new Qualified Opportunity Zone tax incentive program, please call Tucker at (407) 244-5627.