Grays Harbor residents are encouraged to attend a free informational event on Opportunity Zones and learn more about rural economic development through tax incentive. Greater Grays Harbor, Inc. is hosting the event April 11 from 1 to 3 p.m. at Quinault Beach Resort and Casino in Ocean Shores. In a release, Greater Grays Harbor says that the Opportunity Zone program was created in the signing of the Federal Tax Cuts and Jobs Act of 2017.
Investors can defer paying taxes on capital gains that are invested in distressed communities designated as Opportunity Zones by the governor of each state. Grays Harbor has three “Opportunity Zone” census tracts, which include parts of Aberdeen, Hoquiam and the coast from Ocean Shores to Moclips.
Anyone who attends will have the opportunity to hear from a number of Opportunity Zone experts from around the region, including representatives from the Washington State Department of Commerce, National Development Council, Federal Reserve Bank of San Francisco and special guests from Clallam and Thurston County Economic Development Councils. The presenters will talk about how to take advantage of the program, and how the zones can benefit Grays Harbor.