Business Services

Opportunity Zones

The Opportunity Zone Program, enacted as part of the 2017 Tax Cut and Jobs Act, is a new federal economic development tool low income communities across the country can use to initiate economic and social growth. The heart of the program is uniting private capital, in the form of unrealized capital gains, with urban and rural communities that have great, untapped potential, but have historically lacked the resources to bring that potential to light. Through this new program, specifically identified communities in all 50 states, whether they be located in the heart of Appalachia or the center of Chicago, whether they be in the industrial communities of Ohio or in the West End of Louisville, have a chance to blossom and develop into strong centers of commerce and culture.

Stites & Harbison is dedicated to community development and capital investment. We designed this Opportunity Zone information as a way of facilitating Opportunity Zone transactions, by linking Projects, Qualified Opportunity Funds, and Investors with one another, and which allows the parties to find the best fit for their particular situation. By bringing others together, we envision this program producing great results and hope that this information is the conduit for those results. Because, as we all know, in order to produce greatness, sometimes all you need is the right opportunity.

To receive articles and alerts regarding Opportunity Zones, please email Kim Schmittel.

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Press Releases

IFLR1000 Honors Stites & Harbison and James C. Seiffert

LOUISVILLE, Ky.—IFLR1000 has announced that Stites & Harbison, PLLC and attorney James C. Seiffert have been honored in IFLR1000 United States for 2020.

by Stites & Harbison, PLLC August 27, 2020
Client Alerts

$5 Billion of New Market Tax Credits in Search of High Impact Projects

It is anticipated that the Community Development Financial Institutions Fund (“CDFI”) will announce $5 billion in New Markets Tax Credits (“NMTC”) allocation awards within the next several weeks.

by James C. Seiffert and Jameson M. Seiffert July 02, 2020
Client Alerts

Congress Passes Extension for New Markets Tax Credits Program, Increases Allocation by $1.5 Billion

When some people hear the phrase New Markets Tax Credits, they might think of an obscure tax incentive. However, other people, those who deal with the program or have been directly impacted by it, think of something completely different. These individuals think of a hydroelectric generating facility found on the Kentucky River, a new health and science building at a small college in Berea that offers students a debt-free education, a brand new state-of-the-art YMCA in West Louisville that offers increased community services to society’s most vulnerable, or a Winchester facility that manufactures bio-degradable plastic items while employing those desperately in need.

by James C. Seiffert and Jameson M. Seiffert February 20, 2020
Client Alerts

IRS Finalizes Opportunity Zones Regulations

On December 19, 2019, nearly two years to the day since the enactment of the Opportunity Zones legislation (Pub. L 115-97), the U.S. Treasury Department and Internal Revenue Service issued 544 pages of anticipated final regulations on the Opportunity Zones program.

by James C. Seiffert and Jameson M. Seiffert February 03, 2020
Client Alerts

Time to Consider Investments in Operating Businesses in Opportunity Zones

Opportunity Zones are depicted as transformative tools created to stimulate employment and achieve economic growth in distressed low-income communities. Like a public-private partnership, eligible taxpayers are entitled to significant tax incentives in exchange for investing unrealized capital gains in Opportunity Zones.

by James C. Seiffert and Jameson M. Seiffert November 25, 2019