In the United States, Opportunity Zones (OZs) have provided developers with new possibilities. The race is now on to determine whether renewable energy developers can catch up to their real estate counterparts in utilizing this new tool.
within these areas, this incentive creates one of the largest development markets in the United States.'s analysis of Qualified Opportunity Zone tracts, as designated by the U.S. CDFI Fund.Opportunity Zones give both individuals and corporations the chance to re-invest existing capital gains into Qualified Opportunity Zone Funds in order to receive tax breaks for helping fund investment in impoverished areas.
The Anable Basin is surrounded by industrial warehouses in the Queens borough of New York. Amazon will not take advantage of a federal program offering massive tax breaks when it builds headquarters in New York City. The internet shopping giant told the New York City Council that it had no plans to directly benefit from the Opportunity Zone program offering cuts on federal capital gains taxes as a way to spur development in downtrodden areas.
out the potential for companies to use Opportunity Zones as a way to dodge taxes. Despite the apprehension, OZs are also providing a new funding channel for renewable energy. renewable energy and sustainable development projects could benefit from the incentive. “Many renewable energy projects are well-suited for this program because they are built in the very places most real estate developers won’t or can’t invest, such as in rural communities,” says Cody Evans, founder of Homecoming Capital.
Low-carbon projects often tick all the boxes needed to unlock the OZ funding, potentially giving developers an opportunity to create low-carbon communities and promote the use of green technology within large-scale developments. However, OZ financing remains an underused resource, as Bonanno : “At the moment, we know many enormous capital gains investors seeking quality clean energy projects. There is no lack of capital. There is a lack of good clean energy projects.”
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