OWENSBORO, Ky. (WFIE) - Dozens gathered Thursday at the Owensboro Chamber of Commerce to learn more about the opportunity zones and the incentives to invest in them.
Perhaps the biggest are major tax breaks, depending on how many years you invest in your project. That could mean permanent exclusion from taxable income from capital gains.
“Anytime you’re looking to develop with increasing labor and material costs, you’re always looking for tax advantages that may exist or that are new that can help you make the project more competitive or actually give it a chance to happen," Matt Hayden a local developer with Gulfstream said.
The opportunity zones in Owensboro stretch from downtown to the Riverport, in an attempt to bring more business and fill more buildings.
“We have a lot of opportunity just from the Riverport to center street that could be involved in re-development," Becky McCubbins the senior director of the Owensboro Economic development Corporation said.
The Owensboro Economic Development Corporation says projects like this will hopefully spur more in the future.
“It will provide opportunities that will help when those market researcher come in and see how much development is going on in the community and that will spur more," McCubbins said.
Local developers like Gulfstream, who have already purchased property in the area, hope more developers join in.
“Anytime people have additional incentives, hopefully that attracts other people to want to invest alongside these properties," Hayden said.
There are opportunity zones all across the state of Kentucky. If you’re interested, visit the Opportunity Zone website to learn more.