NH Opportunity Zones nominatedBy PAUL FEELY
New Hampshire Union Leader
May 03. 2018 7:40PM
CONCORD — Sections of the state’s two largest cities are 27 low-income census tracts of the state nominated as Opportunity Zones by Gov. Chris Sununu on Thursday, part of a federal program encouraging economic development and investment in U.S. neighborhoods.
Sununu made the announcement at Marceau Park in Franklin, one of the areas receiving the designation.
In New Hampshire, the areas nominated include tracts and contiguous tracts, ranging from the Manchester Millyard, downtown Rochester and areas along the Seacoast, to the White Mountains and the North Country.
“New Hampshire’s resiliency lies in our local communities — they are the backbone of our society and the focal point of cultural activity,” Sununu said in a statement. “For far too long, however, some neighborhoods have been left behind. While some have thrived in recent years, others are struggling to keep up.”
The program was created by the Tax Cuts and Jobs Act, which provides federal tax incentives to investors in areas designated as an Opportunity Zone and is administered by the U.S. Treasury Department. States are required to designate 25 percent of the low-income census tracts in the state as Opportunity Zones.
“Our goal was to designate tracts that present the best opportunities for investment and can leverage other state and federal resources,” said Taylor Caswell, New Hampshire Business and Economic Affairs commissioner. Investors can defer capital gains on earnings reinvested in the zones and long-term investments maintained for over 10 years do not have to pay additional capital gains taxes on earnings from Opportunity Zone investments.
Final community designations are subject to federal confirmation, and the final rules for the new Opportunity Zone program are currently under development by the U.S. Treasury department.
The following communities are being nominated for Federal Opportunity Zones by Sununu:
• Colebrook, Atkinson and Gilmanton Grant
• Conway/North Conway
• Dixville Notch, Columbia, Millsfield, Errol, Dummer, Milan, Cambridge, Success, Erving and Wentworth’s location, Second College Grant
• Lancaster, Kilkenny
• Lincoln, Easton, Waterville Valley, Livermore
• Stratford, Groveton (Northumberland), Stark, Odell