Grand Strand Opportunity Zones
Horry County Government, in partnership with the City of Myrtle Beach, the City of Conway, the Myrtle Beach Regional Economic Development Corporation and the Myrtle Beach Area Chamber of Commerce, launched the new Grand Strand Opportunity Zones website. The site promotes targeted local communities within Horry County to potential investors and developers.
Congress established the Opportunity Zone program nationwide as a part of the Tax Cuts and Jobs Act of 2017. Its primary goal is to encourage long-term private investments in low-income areas, thereby encouraging job creation and economic growth. South Carolina designated 25 percent of its 538 qualifying census tracts as Opportunity Zones.
The program provides a federal tax incentive for taxpayers who reinvest unrealized capital gains into “Opportunity Funds,” specialized vehicles dedicated to investing in low-income areas called “Opportunity Zones.” Up to 15% of capital gains liability can be exempted if a qualifying investment is held in an opportunity fund for seven years. Additionally, no capital gains tax would be due on the appreciation of the investment after 10 years.
To learn more, visit www.grandstrandopportunityzones.com.