HomeMy WebLinkAbout2019-02-04 Hawaii County unveils Opportunity Zones Tax Incentive Program -- press release USE THIS ONE
Wil Okabe
Managing Director
Harry Kim
Mayor
Barbara J. Kossow
Deputy Managing Director
County of Hawai‘i
Office of the Mayor
25 Aupuni Street, Suite 2603 Hilo, Hawai‘i 96720 (808) 961-8211 Fax (808) 961-6553
KONA: 74-5044 Ane Keohokālole Hwy., Bldg C Kailua-Kona, Hawai‘i 96740
(808) 323-4444 Fax (808) 323-4440
February 4, 2019
NEWS RELEASE
Hawai‘i County Introduces Opportunity Zones Tax Incentive Program
Hawai‘i County is introducing a new federal tax incentive program, Opportunity Zones, in Hilo
and Kona, which offers tax benefits designed to attract private investment and stimulate
economic growth in disadvantaged areas.
Enacted in Congress through the Tax Cuts and Jobs Act of 2017, this new incentive offers tax
benefits to individuals and businesses when they invest capital gains from a prior investment
into Opportunity Funds that deploy capital into designated zones.
Hawaiʻi County has Opportunity Zones in Hilo and Kona. Maps of those zones and more
information about the program is available at https://invest.hawaii.gov/hawaii-opportunity-
zones/.
The program will be explained at workshops on February 21, 2019 on both sides of Hawai‘i
Island. Please register in advance for these workshops. There is no cost to attend.
HILO
Thursday, February 21, 8:30 a.m. to 10:30 a.m.
Hilo Municipal Golf Course Multipurpose Room
340 Haihai Street, Hilo
REGISTER HERE
KONA
Thursday, February 21, 2:00 p.m. to 4:00 p.m.
West Hawai‘i Civic Center, Council Chambers
74-5044 Ane Keohokalole Hwy
Kailua-Kona
REGISTER HERE
During the workshops, local and national experts will focus on what we know so far about how
this new tax incentive can be used, and the roles that regional stakeholders can play to ensure
the benefits of this investment vehicle are broadly shared.
This event is co-sponsored by the County of Hawai‘i; Hawai‘i Small Business Investment
Center; Hawai‘i Department of Business, Economic Development, and Tourism; Hawai‘i
Community Reinvestment Corporation; Local Initiatives Support Corporation; and the Federal
Reserve Bank of San Francisco.
County of Hawai‘i is an Equal Opportunity Provider and Employer.
For further information, please contact the Department of Research and Development at 961-
8366.
County of Hawai`i is an Equal Opportunity Provider and Employer.