On March 23, 2018, Governor Henry McMaster announced he has recommended, at the request of the City, four census tracts be designated as Opportunity Zones. Census tracts in Rock Hill designated as Opportunity Zones include areas comprising Knowledge Park, the Saluda Street corridor and the Albright Road corridor. These designations, after their finalization, are designed to jumpstart investment and spur economic development in Rock Hill. This program will provide a valuable financing tool to encourage significant economic development in the urban core.
Promoting economic vitality parts of the state that have not shared in the general prosperity over the past few years
Funding the development of workforce and affordable housing in areas with escalating prices and inventory shortages
Funding new infrastructure to support population and economic growth
Investing in startup businesses who have potential for rapid increases in scale
Upgrading the capability of existing underutilized assets through capital improvement investments
Opportunity Zones are made possible by the tax reform legislation passed by Congress in December of 2017. A part of the Investing in Opportunity Act, originally proposed by Senator Scott, the program allows investors to defer paying tax on capital gains if those gains are invested in Opportunity Zones.
While the tax deferral on the original investment is temporary, no taxes will be paid on new gains from the investment. Ten percent of the deferred gain is forgiven for Opportunity Fund investments held for 5 years, and 15% is forgiven if the investment is held for 7 years. Opportunity Zone investments held for a period of at least 10 years are exempt from taxation on gains beyond what was originally deferred.
For more information, including a state map of designated tracts, visit http://www.scopportunityzone.com/.
For information from the IRS, visit the IRS Opportunity Zones Frequently Asked Questions.
Current Development Plans and Information:
Housing Development Corporation of Rock Hill
Frequently Asked Questions