As interest grows in the federal government's new Opportunity Zone program, law firm Harter Secrest & Emery has launched a separate new practice area to help clients who want to take advantage of the program's benefits.
Opportunity Zones are low-income or "economically distressed" communities where qualifying new investments may be eligible for tax benefits. The goal is to promote economic development and job creation by encouraging new investments.
The zones were created under the Tax Cuts and Jobs Act, passed in December 2017. There are already more than 500 such zones in New York State, including 120 in Western New York.
A full service law firm, Harter Secrest's new practice includes tax, real estate, environmental and land use, public finance, private equity and venture capital, and corporate attorneys.