WHY CHOOSE BUFFALO?
ALL NEW OPPORTUNITIES IN A NEW BUFFALO!
Buffalo, New York, is fueled by billions of dollars in private and public investments. Therefore, it continues to evolve into an equitable, vibrant, and inclusive city with opportunity. You’ll find historic charm, low unemployment rates, diverse neighborhoods, and much more.
Experience a beautiful waterfront with a variety of urban allure options. Consider the award-winning Olmstead Parks, cool hotels with rooftop bars, diverse neighborhoods, trendy restaurants, and the growing industry for craft beer.
All of these amazing metrics point to a now-flourishing economy with job growth and investment opportunities. Young firms with high-growth potential and business start-ups can enjoy a talented and educated workforce, low taxes, and much more. The millennial demographic is also highly favorable, and they prefer urban living. That means you’ve got more opportunities available in New Buffalo.
Buffalo was built on a legacy of commerce and industry, and it continues to maintain its diverse workforce and a strong economy. With the leadership skills of Mayor Byron W. Brown, this city has experienced a spurt of progress. This includes over $7 billion for new economic developments since the beginning of 2006.
Brown’s vision is to have an innovative, healthy, and thriving Buffalo. It’s designed to be a city that can embrace equity, inclusiveness, and plenty of opportunities for everyone. His goal has always been to make Buffalo the place where no one’s left behind or left out.
EXPLANATION OF OPPORTUNITY ZONES
WHAT ARE THEY?
Primarily, opportunity zones are designed to help spur economic development. It works by offering tax benefits to those who invest. First of all, investors are allowed to defer taxes on their prior gains that they reinvest into a QOF (Qualified Opportunity Fund). This is allowed until the earliest date for when the QOF is exchanged or sold. However, if that doesn’t happen before December 31, 2026, then the deferment is allowed until that set date.
If the investment is held for longer than five years, a 10 percent exclusion of the deferred gain is provided. When the investment is held for over seven years, 10 percent goes up to 15 percent.
The second way to spur economic development with Opportunity Zones is for the investor to hold their investments in that Fund for 10 years or more. Then, they are eligible to receive an increase in the base of the original QOF investment, which is equal to the fair market value from the date that it was exchanged or sold.
QUALIFIED OPPORTUNITY FUND: WHAT IS IT?
Quality Opportunity Funds are investment vehicles that can be set up as a corporation or partnership for investing in any eligible property located in a QOF (Qualified Opportunity Fund).
DO INVESTORS HAVE TO LIVE IN THE OPPORTUNITY ZONE TO GET THE TAX BENEFITS?
Usually, investors can still get tax benefits, even if they don’t work, live, or own a business within the Opportunity Zone. Investors only have to invest in recognized gains for QOFs (Qualified Opportunity Funds) and choose to defer their tax on that particular gain.