Opportunity Zones are designatured by the federal government as areas where they would like to see new investment to revitalize communities. The benefit is that if you make the investment and improve the property that meet their guidelines and hold the property for at least 10 years, then you won’t have to pay capital gains on the property when you go to sell it.
There are a number of areas here in the Upstate of South Carolina. You can zoom in on the HUD Opportunity Zone map and take a look.
Downtown Greenville on the historic Reedy River
Opportunity Zones are the latest hot trend in investment real estate and big dollars are starting to be poured in to these zones. They were created with the Tax Cuts and Jobs Act of 2017. Greenville, SC stands to benefit significantly from the new tax plan beyond the Opportunity Zones created. We’ll have more commentary on that as it will likely be a theme that will continue to be played out over the next 20-30 years.
The South Carolina Department of Commerce has built an excellent resource for the entire state. Be sure to check out South Carolina Opportunity Zones for maps and specific information you’ll need to help with understand what might be possible here in the palmetto state.
The Greenville Area Development Corporation (GADC) has a helpful article about how Greenville can benefit from Opportunity Zone investments and Greenville Business Magazine covered the topic earlier this year after the Opportunity Zones Summit in Columbia.
Here’s Greenville County’s Opportunity Zone information along with an FAQ from the IRS.
There are already projects in the works where we’ll see tens of millions of dollars invested in to Greenville as part of this new program.