In April of 2018, Gov. Asa Hutchinson nominated 85 Opportunity Zones in Arkansas (the maximum eligible tracts) to the US Department of the Treasury. All 85 tracts were designated Qualified Opportunity Zones (QOZs) in December 2018. This designation provides tax incentives for private investment in low-income communities nationwide. An article published by The Counselors of Real Estate (CRE), The Counselor magazine, describes some of those incentives in more detail.
The Arkansas Democrat-Gazette reported new rules from the administration were released Wednesday stating investors will have several ways to qualify for tax breaks.
“We’re delighted to have the opportunity zone designations in Arkansas and are confident they will make a difference in reinvestment in these areas of the state,” said Hank Kelley, CEO.
If you are interested to know whether your property is part of an opportunity zone or would like to learn more about investing in an opportunity zone in Arkansas, contact Hank Kelley today.