EDC Warren County President Ed Bartholomew announced that two qualifying census tracts within Warren County were nominated by the governor’s office to be included within the tax program known as Federal Opportunity Zones (FOZ) which was part of the US Tax Reform Act of 2017.
EDC prepared materials required for nomination on behalf of the city of Glens Falls and the town of Johnsburg.
The purpose of the FOZ program is to provide an added mechanism to encourage private investment into economically distressed areas through the use of tax incentives, he said.
Bartholomew said one of the key advantages of the FOZ opportunity zones program is the ability of investors who make investments within these respective zones to have capital gain taxes eliminated if the investment is maintained for a minimum ten years. If the investment is maintained less than 10 years the capital gain is prorated.
The two areas within Warren County that were nominated include an area that incorporates he state’s Downtown Revitalization Initiative (DRI) district awarded to Glens Falls in 2016, and in the town of Johnsburg tract that contains the Village of North Creek and Gore Mountain Ski Area.
Both areas were forwarded to the U.S. Department of Treasury by the governor’s Office for final processing.
Under the FOZ program, Gov Andrew Cuomo selected the two census tracts to be included as part of the maximum allowable 514 census tracts (25 percent of total eligible) nominated from over 2,000 qualifying low income census tracts statewide.
In addition to income and unemployment qualifiers within individual census tracts, other criteria used in the determination of selected recommended areas included the demonstration of past, present and future major public and private investments made into each region as an indicator of potential success for the targeted investment opportunities.
“The EDC is pleased to have assisted Empire State Development, Office of Housing & Community Renewal, and the Capital Region Economic Development Council in providing supporting pertinent data enabling the inclusion of the two selected Warren County census tracts” said Bartholomew. “We wish to thank Gov. Cuomo for the opportunity to have these two areas within Warren County participate in this unique incentive program”
EDC also expressed thanks to state Sen. Betty Little and Assemblyman Dan Stec for their support
Upon final processing of the nominated census tracts by the U.S. Treasury Department,Bartholomew said EDC will commence key marketing efforts to attract new investments, new businesses, and existing business “that are looking to expand, projects and jobs that may be able to capture the tax treatments and will confer with appropriate investment firms and experts specializing in unique new markets tax credits and opportunity zone benefits. “
For further information contact Bartholomew at 518-761-6007 or email firstname.lastname@example.org.