Hawai‘i County is introducing a new federal tax incentive program, Opportunity Zones, in Hilo and Kona, which offers tax benefits designed to attract private investment and stimulate economic growth in disadvantaged areas.
Enacted in Congress through the Tax Cuts and Jobs Act of 2017, this new incentive offers tax benefits to individuals and businesses when they invest capital gains from a prior investment into Opportunity Funds that deploy capital into designated zones.
Hawaiʻi County has Opportunity Zones in Hilo and Kona. Maps of those zones and more information about the program is available at https://invest.hawaii.gov/hawaii-opportunity-zones/.
The program will be explained at workshops on February 21, 2019 on both sides of Hawai‘i Island. Please register in advance for these workshops. There is no cost to attend.
Thursday, February 21, 8:30 a.m. to 10:30 a.m.
Hilo Municipal Golf Course Multipurpose Room
340 Haihai Street, Hilo
Thursday, February 21, 2:00 p.m. to 4:00 p.m.
West Hawai‘i Civic Center, Council Chambers
74-5044 Ane Keohokalole Hwy
During the workshops, local and national experts will focus on what we know so far about how this new tax incentive can be used, and the roles that regional stakeholders can play to ensure the benefits of this investment vehicle are broadly shared.
This event is co-sponsored by the County of Hawai‘i; Hawai‘i Small Business Investment Center; Hawai‘i Department of Business, Economic Development, and Tourism; Hawai‘i Community Reinvestment Corporation; Local Initiatives Support Corporation; and the Federal Reserve Bank of San Francisco.
For further information, please contact the Department of Research and Development at 961-8366.