NASHVILLE, Tenn. (TSU News Service) – Tennessee State University’s College of Business is partnering with the state Department of Economic and Community Development to educate local stakeholders on the benefit of Opportunity Zones.
An Opportunity Zone training session will be from 10 a.m. to 1 p.m. on Wednesday, Dec. 12, in the Avon Williams Campus Auditorium downtown. Nashville Mayor David Briley is scheduled to speak.
The Qualified Opportunity Zone community development benefit was created by the Tax Cuts and Jobs Act signed last year. The federal benefit is designed to encourage long-term investment in low-income communities through Qualified Opportunity Funds.
There are 176 tracts in Tennessee that are approved Opportunity Zones, and TSU’s main campus is located in one of them.
“This Opportunity Fund concept gives us another vehicle to attract investors, so that we can do targeted developments in our communities,” said Isaac Addae, an assistant professor in TSU’s College of Business.
Investors choosing to re-invest their capital gains into opportunity funds can earn three types of federal capital gains tax benefits: temporary deferral, a step-up in basis, and permanent exclusion on capital gains accrued after the initial investment. Additionally, Opportunity Zone investments can be paired with almost any federal, state or local incentive. Qualifying investments include multifamily housing, industrial development, brownfield redevelopment, retail development, operating businesses and a variety of other investments.
According to state officials, the goal of the training session is to educate stakeholders on how Opportunity Zones can be implemented throughout the state. The session will pair potential investors with projects, review various use case scenarios and provide time for open discussion.
“We place a heavy emphasis on attracting and expanding businesses to Tennessee’s low-income communities, and with the assistance of the Opportunity Zone benefit, these communities will have another advantage to grow and create more jobs and opportunities,” said TNECD Commissioner Bob Rolfe.
To learn more about TSU’s College of Business, visit http://www.tnstate.edu/business/.
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With more than 7,000 students, Tennessee State University is Nashville’s only public university, and is a comprehensive, urban, co-educational, land-grant university offering 38 bachelor’s degree programs, 24 master’s degree programs and seven doctoral degrees. TSU has earned a top 20 ranking for Historically Black Colleges and Universities according to U.S. News and World Report, and rated as one of the top universities in the country by Washington Monthly for social mobility, research and community service. Founded in 1912, Tennessee State University celebrated 100 years in Nashville during 2012. Visit the University online at tnstate.edu.