By Opportunity Zone Expo Staff
California State Treasurer Fiona Ma announced Friday at the Opportunity Zone Expo that the Golden State is looking to conform aspects of its tax code with Opportunity Zone legislation in an effort to boost local economies and spur investment.
“We want you to stay here,” Ma said to the sold-out expo crowd at the JW Marriott L.A. Live hotel in downtown Los Angeles. “California is open for business.”
The industry-leading expo hosted more than 1,000 professionals who packed its Exhibitor Hall and panelist discussions, where 50 professionals from around the United States spoke on relevant investment and capital raising topics.
Ma, who was elected in November and sworn into her post in January, said the state treasurer’s office wants to be “a matchmaker” connecting projects and funding. As part of that, she added, she is revamping the office to make it more customer-friendly and proactive. Ma also said she wants to host industry roundtables and introduce projects.
California is home to 879 Opportunity Zones. The zones are low-income census tracts identified by state authorities. Investments there are eligible for capital gains reductions that vary, depending on how many years the investment is maintained. Investments held for 10 years will not need to pay any capital gains taxes.
Ma said many of California’s Opportunity Zones are prime locations for affordable-housing developments due to their low land cost and available tax credits.
Within California’s zones are 1,000 projects, Ma said. Of those, 59 percent are multi-family housing.
Ma said California Governor Gavin Newsom is also looking to use excess California state properties for affordable housing or clean tech.
Former Congressman Keith Rothfus of Pennsylvania was another keynote speaker at Friday’s Opportunity Zone Expo.
During his address, Rothfus called the Opportunity Zone laws, which were created as part of the Tax Cuts and Jobs Act of 2017, “what organic, bottom-up economic initiatives are.”
Rothfus called on investors to “look for those opportunities where you can make a difference.”
“We’re coaxing capital into these [Opportunity Zone] communities with powerful incentives,” he added. “If done right, this is going to create returns for the investors in 10 years. They’re incentivized to be there for the long haul.”
Rothfus called the zones “an opportunity to create hope and real change. It’s an opportunity to get more Americans back in the game. Too many people have been marginalized, sidelined in our society.”
He added that there will be the question of whether Opportunity Zones are “some giveaway” or something “truly transformative.”
“It’s up to you how that story is written,” Rothfus concluded. “I’m overwhelmed by what I’m seeing here. The people who came out for this, the folks who organized this, understand what this is. It’s an opportunity to get our fellow citizens back in the game while making sure capital continues to grow. That’s how we’re going to pull ourselves out of this.”
By Opportunity Zone Expo Staff California State Treasurer Fiona Ma announced Friday at the Opportunity Zone Expo that the Golden State is looking to conform aspects of its tax code with Opportunity Zone legislation in an effort to boost local economies and spur investment. “We want you to stay here,” Ma said to the sold-out expo crowd at the JW Marriott L.A. Live hotel in downtown Los Angeles. “California is open for business.” The industry-leading expo hosted more than 1,000 professionals who packed
By Opportunity Zone Staff More than 1,000 professionals from around the United States attended the Opportunity Zone Expo on Friday in downtown Los Angeles to learn and network about Opportunity Zones. The sold-out event at the JW Marriott L.A. Live hotel was headlined by three keynote speakers: California State Treasurer Fiona Ma, former Nevada Attorney General Adam Laxalt and former Congressman Keith Rothfus of Pennsylvania. It was standing-room only for many of the expo’s panelist tracks that explored investment and capital raising strategies.
By Opportunity Zone Expo Staff The Opportunity Zone Expo is proud the announce keynote speaker Keith Rothfus, a former congressman from Pennsylvania, where he represented the state’s 12th Congressional District from 2013 to 2019. During his time in Congress, Rothfus was passionate about ensuring that America remains the land of opportunity and freedom that the founders intended it to be. He was appointed to serve as vice chairman of the Subcommittee on Financial Institutions and Consumer Credit for the 115th Congress. He also served on the Subcommittee on
By Opportunity Zone Expo Staff The U.S. Department of Treasury designated more than 8,700 tracts nationwide as Qualified Opportunity Zones, chosen by governors of each state based on census tracts. For investors interested in opportunity zones, experts say selecting the right location for their investment should be carefully considered. “Programs are available throughout the United States, but much of the immediate activity appears to be in the major metro areas,” said John Lore, managing partner for New York-based Capital Fund Law Group. “New York has been a primary area of focus for opportunity
By Opportunity Zone Expo Staff The IRS public hearing about the proposed regulations for the Opportunity Zone program scheduled for Thursday, Jan. 10, has been postponed due to the partial federal government shutdown. In a notice published Monday, the Internal Revenue Service said a new public hearing date will be announced once appropriations for the Treasury Department have been restored. The hearing date, which will be published in the Federal Register, will be at least two weeks after the announcement of
California State Treasurer Fiona Ma to keynote country’s largest Opportunity Zone Expo in Los Angeles
By Opportunity Zone Expo Staff California State Treasurer Fiona Ma, who was inaugurated in Sacramento today, will be a keynote speaker at the Jan. 25 Opportunity Zone Expo, the country’s leading education, networking and marketing event for key players in the industry. Ma is one of more than 50 government officials, industry professionals and accomplished investors sharing their insight at the expo, which takes place at the JW Marriott L.A. Live hotel in downtown Los Angeles. The conference will also feature keynote addresses from Nevada Attorney General Adam Laxalt and Congressman Alex Mooney of West