[{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/www.grossmcginley.com\/resources\/blog\/6026-2\/#BlogPosting","mainEntityOfPage":"https:\/\/www.grossmcginley.com\/resources\/blog\/6026-2\/","headline":"Community Benefits from Pennsylvania\u2019s Opportunity Zones","name":"Community Benefits from Pennsylvania\u2019s Opportunity Zones","description":"RELEASE: APRIL 24, 2018 As discussed in our prior blog,\u00a0“Pennsylvania’s ‘Opportunity’ to\u00a0Create Opportunity\u00a0Zones“, Governor Wolf, on April […]","datePublished":"2018-04-24","dateModified":"2021-08-18","author":{"@type":"Person","@id":"https:\/\/www.grossmcginley.com\/resources\/author\/john-gross\/#Person","name":"John F. \"Jack\" Gross","url":"https:\/\/www.grossmcginley.com\/resources\/author\/john-gross\/","identifier":13,"image":{"@type":"ImageObject","@id":"https:\/\/www.grossmcginley.com\/wp-content\/uploads\/2021\/02\/John-F-Jack-Gross-headshot-150x150.jpg","url":"https:\/\/www.grossmcginley.com\/wp-content\/uploads\/2021\/02\/John-F-Jack-Gross-headshot-150x150.jpg","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Gross McGinley, LLP","logo":{"@type":"ImageObject","@id":"https:\/\/www.grossmcginley.com\/wp-content\/uploads\/2017\/10\/logopng-00436945-e1531508982151.png","url":"https:\/\/www.grossmcginley.com\/wp-content\/uploads\/2017\/10\/logopng-00436945-e1531508982151.png","width":600,"height":60}},"image":{"@type":"ImageObject","@id":"https:\/\/www.grossmcginley.com\/wp-content\/uploads\/2018\/04\/benefit-opporunity-zones.jpg","url":"https:\/\/www.grossmcginley.com\/wp-content\/uploads\/2018\/04\/benefit-opporunity-zones.jpg","height":800,"width":800},"url":"https:\/\/www.grossmcginley.com\/resources\/blog\/6026-2\/","about":["Blog"],"wordCount":246,"keywords":["Real Estate Law","Tax Law"],"articleBody":"RELEASE: APRIL 24, 2018As discussed in our prior blog,\u00a0“Pennsylvania’s ‘Opportunity’ to\u00a0Create Opportunity\u00a0Zones“, Governor Wolf, on April 20, 2018, announced that his administration designated 300 census tracts across the Commonwealth as \u201cOpportunity Zones\u201d under the Tax Cuts and Jobs Act of 2017 (\u201cAct\u201d). The zones designated by the Governor include areas in Allentown, Bethlehem, and Easton and portions of Stroudsburg and Reading in the counties that neighbor the Lehigh Valley. While Opportunity Zones allow investors with current capital gains tax liabilities to receive favorable tax treatment in exchange for investing in Opportunity Zones, they also provide significant potential benefits to the community, including:\tPromotion of the economic vitality of urban and rural areas of the State that were overlooked as part of the economic recovery enjoyed by other parts of Pennsylvania\tFunding of the development of workforce and affordable housing in areas with escalating prices and inventory shortages\tFunding of new infrastructure to support population and economic growth\tInvestment in startup businesses with the potential for rapid increases in scale and the ability to \u201cexport\u201d outside of Pennsylvania\tUpgrading existing underutilized assets through capital improvement investmentsClearly, this is an exciting and hopeful time for large portions of Pennsylvania, including the Lehigh Valley and neighboring areas.Attorney Jack Gross regularly counsels clients with holdings that range from large and diverse real estate portfolios to individual investors.Attorney Kim Spotts-Kimmel\u00a0has experience with business formation, purchases, sales, mergers, and acquisitions,\u00a0as well as general corporate matters and tax planning."},{"@context":"https:\/\/schema.org\/","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"Resources","item":"https:\/\/www.grossmcginley.com\/resources\/#breadcrumbitem"},{"@type":"ListItem","position":2,"name":"Blog","item":"https:\/\/www.grossmcginley.com\/resources\/\/blog\/#breadcrumbitem"},{"@type":"ListItem","position":3,"name":"Community Benefits from Pennsylvania\u2019s Opportunity Zones","item":"https:\/\/www.grossmcginley.com\/resources\/blog\/6026-2\/#breadcrumbitem"}]}]