Opportunity Zones offer federal tax incentives for investing in low income communities. The tax benefits are tied to Capital Gains Taxes which can be deferred, stepped up in basis, or permanently excluded. Opportunity Zones are federally recognized areas census tracts that meet distress criteria such as low income and high employment rates. Entities that experience a Capital Gains Tax event can reinvest the funds in an Opportunity Zone to take advantage of the tax benefits.
Campbell County has two approved Opportunity Zones; a Brookneal Tract, which includes the Town of Brookneal and the Brookneal-Campbell County Industrial Park, and a Seneca Tract which includes Seneca Commerce Park.
For more information about Opportunity Zones in our area, contact our office at (434) 332-9595.