I just read an article in the Union Leader newspaper about a new federal program that encourages economic development by creating ‘Opportunity Zones’. NH Governor Chris Sununu announced the list of New Hampshire neighborhoods and towns receiving the Opportunity Zone designation – and Waterville Valley is on the list.
According to the Union Leader story, “The program was created by the Tax Cuts and Jobs Act, which provides federal tax incentives to investors in areas designated as an Opportunity Zone and is administered by the U.S. Treasury Department. States are required to designate 25 percent of the low-income census tracts in the state as Opportunity Zones.
“Our goal was to designate tracts that present the best opportunities for investment and can leverage other state and federal resources,” said Taylor Caswell, New Hampshire Business and Economic Affairs commissioner. Investors can defer capital gains on earnings reinvested in the zones and long-term investments maintained for over 10 years do not have to pay additional capital gains taxes on earnings from Opportunity Zone investments.
“Final community designations are subject to federal confirmation, and the final rules for the new Opportunity Zone program are currently under development by the U.S. Treasury department.”
Here’s the list of communities nominated for Federal Opportunity Zones by Governor Sununu:
• Colebrook, Atkinson and Gilmanton Grant
• Conway/North Conway
• Dixville Notch, Columbia, Millsfield, Errol, Dummer, Milan, Cambridge, Success, Erving and Wentworth’s location, Second College Grant
• Lancaster, Kilkenny
• Lincoln, Easton, Waterville Valley, Livermore
• Stratford, Groveton (Northumberland), Stark, Odell