Opportunity Zone Knocks
CSRA’s First Opportunity Zone Deal
The century-old duplex at 420 Second St. will likely never make the cover of Better Homes and Gardens or win any historic-preservation awards. But it’s noteworthy nonetheless. The 1,200-square-foot cottage in Augusta’s historic Olde Town neighborhood is believed to be the first property in Augusta to take advantage of federal “Opportunity Zone” tax benefits created last year under the Tax Cuts and Jobs Act of 2017.
The new provision, coupled with the decades-old federal historic preservation tax credit, gives investors tax incentives to re-invest unrealized capital gains into economically-distressed census tracts. Tracts selected last year by Georgia Gov. Nathan Deal and South Carolina Gov. Henry McMaster cover wide swaths of Richmond and Aiken counties.