With Tallahassee receiving 8 designated Opportunity Zones around the downtown, Southern, and Western regions of the city we may see a major increase in commercial developments within these regions. Recent Federal calls to "roughly double capital gains tax rates" have lead CRE investors to hunt down methods of avoiding the drastic impact on their portfolios. The deferral of tax payments, in exchange for re/development, combined with the ability to step up the basis (by 10% of the original investment amount) of any given investment can yield some serious tax savings over the remaining period of this program. For those of us who live in these areas, we can continue to look forward to the improvement of those run-down commercial sites we see regularly.
To learn more, read the original Globe St. article by Erik Sherman: