Bass, Berry & Sims attorney Mark Mamantov provided insight for an article published by Knox.biz about how qualified opportunity zone funds can impact development in East Tennessee. Qualified opportunity zones were created under the 2017 Tax Cuts and Jobs Act to help stimulate new business and development in economically distressed communities by incentivizing long-term investment in low-income areas. There are nearly 20 opportunity zones in East Tennessee counties.
“What I’ve heard from investors so far is they’re very interested in multi-family housing and some office building projects,” Mark indicated. He went on to speculate about the impact that opportunity zone development could have on East Tennessee, saying “It’s too early to tell, but I would be really surprised if it would not result in tens of millions of dollars in development in the East Tennessee area.”
The full article, “Opportunity Zones Could Spur Development” was published in the January 2019 edition of Knox.biz and was also published on January 23, 2019, in the Knoxville News Sentinel.