Palm Coast, FL – The Town Center in Palm Coast has been recommended by Governor Rick Scott to become one of the new Tax Cuts and Jobs Act’s Opportunity Zones, which means that tax incentives could be provided to investors looking to invest in the area.
According to the Flagler County Department of Economic Opportunity (DEO), the proposal for the Opportunity Zones was established in December of last year as a tool for community economic development in order to spur long-term private sector investment to low-income communities. Investors in Opportunity Zones will be provided tax incentives, including a temporary deferral on capital gains taxes, when the investors reinvest those gains in qualified Opportunity Funds.
“This is another strong economic development tool that will drive private sector investment in our community,” Donald O’Brien, Commissioner and Chair of the County’s Department of Economic Opportunity, says.
The Flagler DEO says that only 25% of areas in Florida that qualify as an Opportunity Zone can be included as one of the zones. If the Town Center at Palm Coast receives official designation as an Opportunity Zone, Flagler DEO explains that designation will provide another tool for the economic efforts to expand and diversify the economy in the area.
“This will provide Palm Coast with transformative opportunities in our Downtown moving forward,” says Palm Coast Mayor Milissa Holland.
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