February 26, 2019 – The federal Opportunity Zone program represents one of the most comprehensive place-based economic and community development initiatives in decades. Passed as part of the Tax Cuts and Jobs Act of 2017, the program has the potential to unleash trillions of dollars in unrealized capital gains into underdeveloped census tracts nationwide.

At this month’s meeting of the Buffalo Niagara Partnership’s Development Advisory Council, members focused on the legal mechanics of the program, its tax advantages, and how our region’s municipal and county leaders plan to guide investment under the program.

How Opportunity Zones Unlock Development Potential in the Buffalo Niagara Region

Speakers included:

• Pietra Zaffram, Esq. – Member at Harris Beach, who detailed the legal underpinnings of the program, and outlined areas that will be clarified in upcoming IRS regulatory hearings
• Gregory Urban, CPA, CVA – Partner at Dopkins & Company, who illustrated the significant tax advantages of the program and provided real-world investment examples
• Maggie Hamilton-Winship, the Director of Strategic Planning at the Town of Amherst, and Alex Carducci, the Real Estate Financial Analyst at the City of Buffalo, each outlined what their respective municipalities are doing to attract and bolster potential investments into their municipality’s opportunity zones.

Topics included:

• An overview of the Opportunity Zone Program
• What are the tax benefits of the Opportunity Zone Program?
• How can the Opportunity Zone Program help Buffalo Niagara developers?