Mayor, others to describe federal opportunity zone program

A federal program in which investors and developers can receive 10-year federal tax breaks in economically distressed census areas, including more than 39 neighborhoods in Columbus, will be discussed Wednesday in Franklinton.

Columbus Mayor Andrew J. Ginther and other city officials will talk about the federal opportunity zone program from 5 to 7 p.m. Wednesday in the healthy living center community resource room at Mount Carmel West’s Medical Center 2, 777 W. State St.

“The mayor felt it was really important that existing businesses and residents can learn about the program and talk directly to residents,” said Mark Lundine, the city’s economic development administrator.

Lundine said one incentive is a 10-year break is on federal capital gains taxes on the increased value of the investment.

Two other tax incentives are capital gains deferrals for seven years for longterm investments, Lundine said, and “opportunity funds” that enable investors to pool money to invest in those communities.

Speakers will include Columbus Development Director Steve Schoeny; Kym T. Lee, a commercial real estate broker with CBRE; Darci Cosgrove, managing director of GBQ, a tax and accounting firm; and Bob Althoff, the owner of A.D. Farrow Harley Davidson in Franklinton.

A map of the state’s opportunity zones — 320 census tracts, including in Columbus— can be seen here:

https://www.development.ohio.gov/bs/ bs_censustracts.htm