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A new website helps connect prospective investors with Frederick area ventures eligible for the Opportunity Zone incentive program, which reduces capital gains taxes on particular investments.
Frederick County, in collaboration with the City of Frederick and City of Brunswick, has launched the website.
The Opportunity Zone program is a nationwide initiative administered by the U.S. Treasury and created under the 2017 Tax Cuts and Jobs Act. The program allows investors to receive federal tax incentives by investing their capital gains into select communities (Opportunity Zones) via special investment vehicle called Opportunity Funds. Investors may receive increasing discounts on any capital gains taxes due on that money. If an investment is left in the Opportunity Fund for 10 years, any new gains are free of capital gains taxes.
The City of Frederick Opportunity Zone is adjacent to the City’s award-winning Carroll Creek project and the City’s recently established Enterprise Zone.
“Investors are encouraged to use existing state and local incentives in order to provide a maximum return on investment,” said Frederick Mayor Michael O’Connor.