Limestone workshop features tips on ‘Opportunity Zone’ investing
The Limestone Development Foundation is sponsoring a workshop in the central Aroostook area for companies interested in expanding their business with federal, state and local agencies.
The free informational session will be held at the Loring Commerce Center on Tuesday, Sept. 11. Dana Delano, a counselor at Maine Procurement Technical Assistance Center, is scheduled to explain what it takes to sell to the government.
“Business owners looking to sell their products and services to government entities will learn how to register with the federal and state government, what the government is buying and much more,” Delano said in a news release.
Delano will also review the recently announced U.S. Small Business Administration’s Historically Underutilized Business Zone program.
All of Aroostook County has been declared a HUBZone, which gives businesses located in the County some powerful advantages in selling to federal government agencies over companies located elsewhere. Those preferences to HUBZone-qualified companies include competitive and sole source contracting, 10% price evaluation preference in full and open contract competitions, as well as subcontracting opportunities. The federal government has a goal of awarding 3% of all dollars for federal prime contracts to HUBZone-certified small businesses.
Capitalizing on new Opportunity Zone designation
Dennis McCartney, Limestone economic development coordinator, will discuss the new Opportunity Zone designation for the Town of Limestone and the Loring Commerce Centre and how businesses can take advantage of this designation.
“This new designation is vitally important to any business in the town of Limestone or at Loring Commerce Center and to any companies considering locating to either location,” said McCartney. “A huge previously untapped source of capital for funding projects is now available for new and updating manufacturing or service companies and for multifamily housing projects.”
Under the program, which is part of last December's federal tax overhaul, capital gains realized in the sale of a property or asset within six months can be formed into an Opportunity Zone fund.
At least 90% of the money in the fund must be rolled into development of a property or business in one of the designated zones and taxes are deferred for seven years, then paid with a 10% discount. If the property is held for 10 years, any money from the sale can be rolled back into that fund, with no taxes charged.
Gov. Paul R. LePage in May named 32 Maine communities as eligible to participate in the federal Opportunity Zone program.
Most Recent
Most Recent
Comments