Opportunity Zones are a new community development program established by Congress as a part of the Tax Cuts and Jobs Act of 2017, they are designed to encourage long-term private investments in low-income communities.
This program provides a federal tax incentive for taxpayers who reinvest unrealized capital gains into “Opportunity Funds,” which are specialized vehicles dedicated to investing in low-income areas called “Opportunity Zones.” The zones themselves are to be comprised of low-income community census tracts and designated by governors in every state. South Carolina designated 25 percent of qualifying census tracts as an Opportunity Zone. Qualifying Zones are based on the 2011-2015 American Community Survey.
Greer’s Opportunity Zones
Greer Mill/Downtown Opportunity Zone (Census Tract 232.02)
BMW/GSP Airport Opportunity Zone (Census Tract 25.05)
Greer Opportunity Zone Investment Incentives
The Opportunity Zones program offers investors the following incentives for putting their capital to work in low-income communities:
- Investors can roll existing capital gains into Opportunity Funds with no up-front tax bill.
- A 5 year holding increases the rolled-over capital gains basis by 10%
- A 7 year holding increases the rolled-over capital gain investment basis 5% for a total of 15%
- Investors can defer their original tax bill until December 31, 2026 at the latest, or until they sell their Opportunity Fund investments, if earlier.
- Opportunity fund investments held in the fund for at least 10 years are not taxed for capital gains.
A full Opportunity Zone Fact Sheet can be found here.
Existing Greer Opportunity Zone Projects & Opportunities
Click on a pin to learn more about each individual property.
Questions? Contact Reno Deaton at [email protected] or (864) 416-0125.
Business in Greer
Get to Know Greer
Population Growth Between 2000-2016
One of South Carolina's fastest growing cities, Greer is part of a region that totals over 1.4 million people.
Median age of population (2019): 37.1
Businesses in Greer have average revenues of $2,184,227; that is 139 percent higher than the average South Carolina business.