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Tumwater hears Opportunity Zones briefing; staff urged to coordinate regional application
Summary
A local expert briefed council on Opportunity Zones, telling members Tumwater contains two eligible tracts and that Washington will accept applications April 1–May 1 for the governor to designate up to 25% of state-eligible zones; councilmembers encouraged staff to convene regional partners and collect letters of support.
Kyle Wiese, an Opportunity Zones investor and local practitioner, briefed the Tumwater City Council on March 17 about the federal Opportunity Zones program and what the new 'Opportunity Zones 2' designations mean for the city. Kyle said Thurston County has seven potentially eligible tracts and Tumwater contains two of them, divided by Capitol Boulevard.
Kyle explained the program is a capital-gains tax incentive meant to encourage long-term investment: investors can defer capital-gains tax and receive a 10% basis step-up…
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