2A — September 28 - October 11, 2018 — M id A tlantic
Real Estate Journal
www.marejournal.com
M id A tlantic R eal E state J ournal Publisher, Conference Producer . .............Linda Christman AVP, Conference Producer ...........................Lea Christman Account Executive ........................................... Steve Kelley Account Executive ............................................. Kim Brunet Account Executive ........................................ Marisol Chase Senior Editor/Graphic Artist ..........................Karen Vachon Office Manager ...............................................Kerrin Devine Contributing Columnists: ........................ Scott R. Saunder Mid Atlantic R eal E state J ournal ~ Published Semi-Monthly Periodicals postage paid at Hingham, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal 350 Lincoln St, Suite 1105, Hingham, MA 02043 USPS #22-358 | Vol. 30, Issue 18 Subscription rates: $99 - one year, $148 - 3 years, $4 - single copy REPORT AN ERROR IMMEDIATELY MARE Journal will not be responsible for more than one incorrect insertion Phone: 781-740-2900 | Fax: 781-740-2929 www.marejournal.com The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal
M id A tlantic Real Estate Journal
New Warehouse Construction at the Award-Winning Haines Center
Scott R. Saunder
Opportunity Zones Provide Tax Deferral for Investors T he Tax Cuts and Jobs Act (TCJA) created a new investment vehicle called an Opportunity Zone (OZ) to encourage investment into distressed and low-income communities throughout the United States. The goal of this OZ tax incentive program is to attract taxpayers to invest capital through private invest- ments in businesses and real estate in distressed communi- ties to spur economic develop- ment in these communities. Under the TCJA, states could nominate communities they want to be designated as a Qualified Opportunity Zone to encourage economic revitaliza- tion. A Qualified Opportunity Zone retains this designation for ten years. Governors had until March 21, 2018, to sub- mit their recommendations for Zone designations by the U.S. Treasury unless the state requested a 30-day extension to April 20, 2018. If a governor did not submit an OZ nomina- tion by this deadline, they es-
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sentially opted-out of this tax incentive. The U.S. Treasury has approved OZ submissions for American Samoa, Arizona, California, Colorado, Florida, Georgia, Idaho, Kentucky, Michigan, Mississippi, Ne- braska, New Hampshire, New Jersey, New York, Oklahoma, Puerto Rico, South Carolina, South Dakota, Vermont, U.S. Virgin Islands, and Wisconsin. Taxpayers can defer some and potentially eliminate other capital gain taxes by investing in a Qualified Opportunity Fund (Fund). The taxpayer sells any type of asset that has a capital gain and invests the proceeds into a Fund with 180 days. This Fund is required
to have 90% of the Fund as- sets invested in Opportunity Zones. To become a Fund, an eligible taxpayer self-certifies and completes a form that the IRS is scheduled to release in the summer of 2018. Opportunity Zone invest- ments provide tiered capital gains tax benefits tied to in- vestments at five, seven and 10 year time frames. The tax benefits include temporary tax deferral and a small reduction in tax liability to, under certain circumstances, complete tax ex- clusion. There are three levels of tax benefits: 1. Temporary deferral of capi- tal gain taxes on gains invested continued on page 3A
REAL ESTATE AUCTION MAIN STREET, (DOWNTOWN) SUSQUEHANNA, PA! THREE INTERCONNECTED BUILDINGS, MONDAY, OCTOBER 29TH @11:00 A.M. 1322-24,1328, & 1332 Main Street Susquehanna County, Susquehanna, Pennsylvania 18847
Real Estate consists: 1332 Main St., Former Kitchen & Bakery Front, 1,435 SF plus a undeveloped 2 nd Fl. 1328 Main St., Restaurant Dining Are & Counter Service, 1,455 SF, plus a undeveloped 2 nd Fl. 1322-24 Main St., Retail Rental Space (4): 2,530 SF, renovation of 2 nd Fl. as office suites *Thee Buildings interconnected. Two floors each with increased rental potential. Contact us for Further Details! *Restaurant Equipment (Some), Being Sold Separately @ 10:00 A.M..List being compiled! *Inspection: By appointment *Terms of Real Estate: 15%t Non Refundable Deposit by Successful Bidder. Balance to be paid upon Closing within 45 Days. Time being of the essence. Property Sold As Is & Subject to Approval! Hire The Commercial, Industrial & Real Estate Auctioneers! Col. Steve Sitar & Co. Cell: 570-954-7001 P.O. Box 779 Waverly, Pa 18471 Pa Lic. AU 2124-L PH: (570) 586-1397 www.sitarauctions.com www.auctionzip.com
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