Maryland State Wire

Frederick County issued the following announcement on Oct. 12.

Frederick County, in collaboration with the City of Frederick and City of Brunswick, has launched a website to help connect investors with existing local ventures eligible for the Opportunity Zone incentive program.

The Opportunity Zone program is a nationwide initiative administered by the U.S. Treasury and created under the 2017 Tax Cuts and Jobs Act. The program allows investors to receive federal tax incentives by investing their capital gains into select communities (Opportunity Zones) via special investment vehicle called Opportunity Funds. Investors may receive increasing discounts on any capital gains taxes due on that money. If an investment is left in the Opportunity Fund for 10 years, any new gains are free of capital gains taxes.

The program is designed to be flexible, allowing a range of different types of investments, and unlike other federal tax programs, there is no authorized cap on the amount of capital that could be made available through Opportunity Zone investments.

“Frederick County is a great place to do business,” said Frederick County Executive Jan Gardner. “We want to provide investors with a range of opportunities. These new Opportunity Zones provide another reason companies and businesses should locate and expand in Frederick County.”

Original source can be found here.

Source: Frederick County