Page 34 - Innovation Delaware 2019

97,254
Number of people living in Delaware’s Opportunity Zones
PATTY CANNON
HAVE QUESTIONS ABOUT INVESTING IN DELAWARE?
FIND LISTINGS OF ECONOMIC-DEVELOPMENT ORGANIZATIONS ON PAGE 140.
OPPORTUNITY ZONES
by the Numbers
11
Number of Opportunity Zones that also include Downtown Development Districts, allowing for extra incentives
SOURCE: DELAWARE DIVISION OF SMALL BUSINESS
MORE INCENTIVES FOR YOUR DOLLARS
Delaware and many local jurisdictions allow investors to stack Opportunity Zone incentives on top of other incentive programs, such as:
u Downtown Development Districts u Foreign Trade Zones
u Delaware R&D Tax Credit
u Angel Investor Tax Credit
u Brownfield Development Program
u Coastal Zone Conversion Permit Act
u New Business Facility Tax Credit
u Housing incentives, such as the Strong Neighborhoods Housing Fund, the Low-Income Housing Tax Credit and Delaware’s Housing Development Fund
u Vocational Rehabilitation Hiring Tax Credit
For more information about stacking benefits, explore the State of Delaware’s StoryMap page at http://delaware.maps. arcgis.com/apps/Cascade/index.html? appid=fe7bbdcc60584ce6901d5207f- 8daa519.
STACKING BENEFITS TO MAXIMIZE
While investing in Opportunity Zones yields significant benefits, it’s possible to gain an even greater financial edge through the process of stacking. This allows an investor to take advantage of the Opportunity Zone credits, along with any others that are available. The result is an even greater tax savings.
For instance, someone interested in
a residential development project in downtown Wilmington could benefit from Opportunity Zone incentives, along
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with a Low-Income Housing Tax Credit,
a Historic Preservation Tax Credit and
a Vocational Rehabilitation Hiring Tax Credit. Other possibilities include R&D, Angel Investor and Brownfield Development Program tax credits. They can be stacked
on top of each other to provide maximum incentive for investment. The Delaware Division of Small Business can provide more information on what is available.
“I love stacking,” Cannon says of the concept. “And if you are doing it today, taking advantage of an Opportunity Zone is just icing on the cake.” ID
20
Number of Brownfield Redevelopment sites in Opportunity Zones
RETURNS
JOE DEL TUFO/MOONLOOP PHOTOGRAPHY