LEBANON, Pa. (WHTM) — Congressman Dan Meuser hosted an Opportunity Zones ‘Educational Session and Financial Services Roundtable’ Friday alongside FHLBank Pittsburgh at Lebanon Valley College to promote Opportunity Zones in the state’s ninth district.
Among those who attended were representatives from local and national banks, credit unions, investment firms, and developers.
Local elected officials that attended included State Representatives Frank Ryan and Russ Diamond, Lebanon Mayor Shelly Capello, and Lebanon County Commissioners Jo Ellen Litz and Robert Phillips.
“One of my top priorities is to foster economic revitalization in the Ninth District of Pennsylvania. Today’s productive discussion focused on the fantastic capital investment opportunities that exist within established Opportunity Zones across the state,” Meuser said. “The Ninth District of Pennsylvania contains 10 Opportunity Zones tracts, including two in Lebanon county. This program will help to create opportunity for all by spurring new jobs, promoting long-term investment, and building greater prosperity for generations to come.”
The Opportunity Zone incentive offers capital gains tax relief to investors for new investment in designated areas.
Investment benefits include deferral of tax on prior gains as late as 2026 if the amount of the gain is invested in a Qualified Opportunity Fund. The benefits also include tax forgiveness on gains on that investment, if the investor holds the investment for at least 10 years.
For more information on Opportunity Zones, navigate here.