Investors will receive Federal tax breaks in the new Opportunity Zones, encouraging investment and revitalization in targeted Casper areas.
The U.S. Treasury Department recently announced the approval of four (4) Opportunity Zones in Casper/Natrona County where investors could benefit from a tax incentive plan aimed at attracting business investment in the area. The Federal Tax Cuts and Jobs Act of 2017 created a new tax incentive for investors who make qualified investments in Opportunity Zones. Investors will be able to defer or reduce federal tax liability on income directed to a fund and invested in one or more of the Opportunity Zones.
“We have seen significant recent investment in much of Casper, and we anticipate the designation of these Opportunity Zones as another strategic vehicle to encourage more private capital investment in Casper/Natrona County real estate development and business creation projects,” said CAEDA/Forward Casper CEO, Charles Walsh. “The tax law creates new investment vehicles called “Opportunity Funds,” which can invest in new projects in the designated Opportunity Zones. Investors will be eligible for Federal tax benefits in return,” added Walsh.
Governor Matt Mead recommended the four zones in the Casper area proposed by the Casper Area Economic Development Alliance/Forward Casper (CAEDA/Forward Casper) as part of 25 zones assigned statewide. These zones were accepted and confirmed by the U.S. Treasury Department and are now qualified Opportunity Zones. According to the Wyoming Business Council, a qualified opportunity fund is an investment vehicle that holds at least 90 percent of its assets in qualified opportunity zone investments which includes property within an opportunity zone and stock or equity in a trade or business whose owned or leased property is in a qualified opportunity zone.
“As we look to grow and diversify the Casper/Natrona County Economy we are looking to leverage as much Private Sector Investment in Wyoming and Wyoming companies as we can,” said Jerad Stack of Casper and a member of the ENDOW Executive Council. “Giving investors a federal tax incentive to invest in the region is a great way to encourage that investment. The Opportunity Zones in Casper are uniquely attractive as they encompass investment ready areas like the downtown core and the industrial western side of town,” added Stack.
The zones in Casper that were approved (see map above) include:
- Casper’s core downtown area and the Old Yellowstone District (east of Poplar St to south of the North Platte River to west of S Beverly St to north of E Yellowstone Hwy.)
- The Platte River Commons area surrounding Three Crowns Golf Course (east of SW Wyoming Blvd to south of the North Platte River to the west of Poplar St to north of CY Ave)
- North Western Casper and Northern Mills (east of Robertson Rd to south of Hwy 20/26 to west of Poplar St to north of W Yellowstone Hwy and Poison Spider Rd)
- West Casper and Mills (east of Robertson Rd to south of Poison Spiker Rd and W Yellowstone Hwy to west and north of the North Platte River)
All media inquiries should be directed to Charles Walsh, CEO, at 307-577-7011