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Chamber seeks Opportunity Zone designation that would include part of Livingston
Summary
The Chamber of Commerce submitted maps asking the state to nominate two priority tracts for Opportunity Zone status; one proposed map would cover roughly half of Livingston and could attract investment by offering capital-gains tax incentives.
Zach Stevens of the Livingston Chamber of Commerce asked the council to review maps the chamber submitted to the Tennessee Department of Economic & Community Development asking the governor to nominate Opportunity Zone tracts to the U.S. Treasury. Stevens said the current Opportunity Zone that touches downtown is expiring and the chamber submitted new priority maps for consideration.
Stevens explained Opportunity Zones allow investors to direct capital gains into defined census tracts and receive preferential tax treatment. “What that is is it is an area that allows an investor to take capital gains in the designated tract, a census tract,” Stevens said. Stevens said Map 2 would include about half of Livingston, extending from Arno across to the bypass and including the airport, and that nominations will be forwarded through the governor to the U.S. Department of the Treasury later this year.
Council members were given paper copies of the maps and asked to send questions. Stevens noted the program applies to both new construction and renovations and that the designation could make certain projects more attractive to investors in Livingston and Overton County.
