December 10, 2019

Art & Lifestyle:

1 Show; 5 Photographers @ Lex Park Library -

Wednesday, December 4, 2019

Donations Needed for Feed the Family Program -

Wednesday, December 4, 2019

Seussified Christmas Carol Runs Until Dec. 15 -

Thursday, November 28, 2019

Public Comment Sought on Solar Project Near Lex Park -

Saturday, November 23, 2019

Stock Ticker

Askey Update: Opportunity Zone Tax Credits

Opportunity Zone

Cathy Askey of Askey, Askey & Associates CPA LLC will present an update on tax sheltering provisions in Opportunity Zone Investments from 8:30 to 10:30 am Friday, Aug. 23, 2019, at AVIAN at 22111 Three Notch Road in Lexington Park, MD.

Opportunity Zones provide a tax incentive for investors to re-invest unrealized capital gains in dedicated Opportunity Funds. Ms. Askey will be explaining how these incentives work and explaining recently released guidance from the US Treasury Department on Opportunity Zone investments.

The US Congress, in the Tax Cuts and Jobs Act of 2017, established Opportunity Funds to encourage long-term investments in low-income urban and rural communities nationwide. Eligible investments include:

Single Asset Real Estate, which allows an investor to form an LLC. The LLC purchases land, borrows, and builds within a designated Opportunity Zone.

Company Stock, if purchased by a Qualified Opportunity Fund (QOF) after Dec. 31, 2017 and at the time the stock is issued, the corporation is a qualified opportunity zone business (QOZB).

Opportunity Funds are privately managed funds with at least 90 percent of their assets in Opportunity Zones. The funds may invest in real estate or in tech start-ups based in an Opportunity Zone. The funds provide vehicles allowing investments from capital gains to receive federal tax benefits.

The designated Opportunity Zone in St. Mary’s County is located in Lexington Park.

opportunity zone

Lexington Park Opportunity Zone

Buck Hewitt Road, between Chancellor’s Run and Three Notch roads, forms the northwest boundary; Three Notch/Route 235 forms the eastern edge to Great Mills Road. The southbound lane of Great Mills Road forms the southern boundary to Forest Run Drive. There the southern border skirts a chunk of neighborhoods before meeting up with Chancellor’s Run Road on the west.

Enhancing the national Opportunity Zone initiative, Maryland has created the Maryland Opportunity Zone Information Exchange to serve as a virtual meeting place for investors, fund managers, property developers, new or expanding businesses, and local stakeholders. Additionally, the state of Maryland will support Opportunity Zone investment and projects through a wide variety of other programs supporting economic development.

St. Mary’s County Department of Economic Development partnered with Askey, Askey & Associates to alert interested investors in updates on Opportunity Zone regulations and advantages. Ms. Askey’s presentation is sponsored by St. Mary’s DED, and refreshments will be served.

For more about Askey, Askey & Associates CPA LLC, visit its Leader member page.

Askey, Askey & Associates CPA LLC has two full-service offices located in Leonardtown, MD, at 23507 Hollywood Road, P.O. Box 662, Leonardtown, MD 20650, phone: 301-475-5671; and in La Plata, MD, at 105 Centennial St., Suite D, La Plata, MD 20646, phone: 301-934-5780.

Leave A Comment