Opportunity Zones Seminar This Morning

The City of Paducah, Paducah Area Chamber of Commerce, and Greater Paducah Economic Development are partnering to provide a free seminar for the public to learn about Opportunity Zones in Kentucky, including two in Paducah.

The public is invited for the free event Wednesday from 8:30 to 9:30 am at The Commerce Center, Paducah Bank Room, 300 South 3rd Street. 

The Federal Tax Cuts and Jobs Act of 2017 led to the designation of two tracts in Paducah along the Ohio River as Opportunity Zones. An Opportunity Zone is an economic development tool that provides an incentive to investing in those tracts. Investors can see a deferral and reduction of capital gains taxes for investments.

Jason Rainey will provide an overview of Kentucky's Opportunity Zones and how the zones were selected, in addition to how the program benefits western Kentucky. Paducah Main Street Director Katie Axt will also provide information about Paducah's two zones and the Prospectus of Projects for Paducah.

Axt said, "Paducah is fortunate to have zones selected along the Ohio River in downtown Paducah, and the census tract just north of downtown.  In the Prospectus of Projects for Paducah, you'll find a variety of potential residential, commercial, and mixed-use projects. There is a wide target audience for this seminar.  I feel that accountants, attorneys, financial advisors, developers, the business community, and anyone with capital gains tax will find the presentation and discussion beneficial."