Westchester could be on verge of possible business, real estate boomPosted: Updated:
Westchester County could be on the verge of a possible business and real estate boom, thanks to a federal tax program.
County Executive George Latimer on Wednesday outlined efforts to take advantage of a federal tax incentive program called "Opportunity Zones."
The federal program encourages long-term investments in low-income, distressed urban and rural communities by providing tax incentives for developers. Westchester County has 12 designated opportunity zones in eight different municipalities.
"We have a professional contractor with us who will serve as a liaison with the local governments, those aid communities that have opportunity zones will be able to sit and work them and help them implement the program," said Latimer.
The opportunity zones incentive program was established by Congress in the 2017 Tax Cuts and Jobs Act.
The county's consultant charged with helping local municipalities take advantage of the program says the tax incentive is an attractive one for most investors.
"If they hold that property for five, seven or 10 years, they can get up to a 100% tax deferral," says the consultant.