More than a hundred potential investors arrived for a day of information at the inaugural Flemington Opportunity Zone Summit July 11.
They came from nearby states and towns to learn more about a unique opportunity to invest in the heart of Hunterdon County, N.J., Flemington Borough. The borough has been designated an Opportunity Zone in its entirety.
The all-day summit showcased shovel-ready sites and business opportunities, as well as strategies to streamline the zoning and permitting processes.
The Opportunity Zones Program was created by the U.S. Congress in December 2017 as part of the Tax Cuts and Jobs Act to incentivize investment in targeted communities.
It recognizes certain geographic areas as Opportunity Zones in order to encourage long-term investment in lower income areas (as determined by U.S. Census data).
Opportunity Zones provide a generous tax-incentive to investors in return for a, minimally, seven-year investment in the communities. Flemington is the only Opportunity Zone in Hunterdon County.
“Flemington Borough’s Opportunity Zone designation gives us incredible leverage to attract the right kind of development that fits our beautiful town. We are looking forward to leveraging this opportunity into sustainable future growth,” said Flemington Mayor Betsy Driver.
An investor who has triggered a capital gain by selling an asset like stocks or real estate can receive special tax benefits by rolling that gain into an Opportunity Fund within 180 days.
There are three primary advantages to rolling over a capital gain into an Opportunity fund:
- It delays the payment of capital gains until Dec 31, 2026;
- It reduces the tax you owe by up to 15 percent after 7 years.
- The in vestor pays zero tax on gains earned from the Opportunity Fund.
The Flemington Opportunity Zone Summit was produced by the Historic Flemington Borough Opportunity Zone Committee and sponsored by Unity Bank, Mahn Consulting LLC, Bucks County Herald, Lone Eagle Brewing, Blue Fish Grill, Factory Fuel Co., George Eckelmann of Eckelmann Brothers Construction, Historic Flemington Borough, Hunterdon County Chamber of Commerce, Hunterdon County Economic Development and Flemington Community Partnership BID.