FinTrust Capital Advisors recently presented at the Charleston and Upstate CFO Council meetings. Allen Gillespie, CFA®, Chip Hardy, and Todd Mitchell, CPA presented research and explanations on investing in Opportunity Zones and the federal tax benefits. They shared the podium with our friends at the South Carolina Research Authority (SCRA) who provided information on their state tax credits.
There are 135 low-income census tracts in South Carolina that are designated as Opportunity Zones. This designation allows for the creation of Qualified Opportunity Funds which permit the investor to defer, reduce, and potentially exclude capital gains tax. As mentioned to the CFOs in the audience, benefits to investing in these Opportunity Zones include: economic impact, community impact, and personal contribution.
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