The Cayuga Economic Development Agency, in partnership with the City of Auburn, hosted an informational workshop about the new federal Opportunity Zones program on Monday, March 4, from 10:00 a.m. to noon at Auburn City Hall. The program is an economic development tool designed to spur long-term, private capital investment in distressed areas by providing tax benefits to investors. In Cayuga County, the northwest quadrant of the City of Auburn is a Qualified Opportunity Zone.
This new federal program provides tax incentives for those who invest their capital gains as equity for businesses or real estate projects within a designated zone. They receive an immediate tax break, and can eliminate tax on future capital gains, if they make a long-term investment.
For more information contact:
Tracy Verrier
Executive Director
Cayuga Economic Development Agency, Cayuga County Chamber of Commerce
CEDA phone: (315) 252-3500 email: tverrier@cayugaeda.org