COVINGTON, Ky. - The City of Covington is spreading the word about a new incentive available in the city where investors in economic development projects can reap significant federal tax breaks.

 

Five different census tracts in Covington have been deemed “Opportunity Zones,” enabling investors to take advantage of several key provisions of the Federal Tax Cuts and Jobs Act of 2017.

 

To bring attention to Opportunity Zones, the City’s Economic Development Department has created a landing page on the Department’s website that can be found HERE. The site includes an array of information about the program, including maps, news articles, and links to resources.

 

Covington Economic Development Director Tom West appeared at a luncheon meeting of the Covington Business Council last week along with attorneys from DBL Law (Dressman Benzinger Lavelle) to tout Opportunity Zones and the benefits to investors.

 

“This new federal tax break on capital gains could provide developers and businesses with much-needed capital to fast-track development projects and expand businesses, creating jobs for Covington residents and bringing new sources of revenue and energy to the City,” West said.

 

Those interested in investing - or who are seeking investors for their development or expansion projects - are encouraged to start by working with their tax accountants or tax attorneys to discuss establishing a required investment fund.

 

If you have a development or expansion project and are seeking investors, you are encouraged to list your project on the Kentucky Cabinet for Economic Development’s Opportunity Zone website, HERE.

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