A link for my Android users to download my book, I Don’t Rent, I Rent…
Check out my book on Amazon, “I Don’t Rent, I Rent”. The Kindle download is Only $0.99!!
An excerpt; “After working incredibly hard and putting everything that I had into building companies for over 20 years, I woke up one morning and found myself at my absolute lowest possible point in my life – in prison. My head was still spinning and it was very difficult for me to accept that this was actually happening. Although I was still fighting, what I believed to be unfair justice and still do, through the appellant process, I was very worried about my family and the impact that this experience would have on them….
As a child growing up, I always believed in the American Dream. You work hard and give it your all and you can accomplish anything. My parents instilled this belief in me at a young age, and it was reinforced throughout my school days and on into my early adult life. My solution to any problem was to work that much harder and spend that much more energy on it until, “Presto!” I found a way to work it out. I brought this formula to my first business and with it and the American Dream in mind; I started my first company in 1995 with about $200 and a lot of heart and the expectation of long, hard work. The company was a staffing firm that placed medical professionals inside of hospitals, clinics and doctor’s offices. I grew that company into a million dollar operation and in 2001, I sold it.
I was on my way.”
Its a quick read, only 50 pages. Would love to hear your feedback.
In an attempt to address some of the lingering questions surrounding Opportunity Zones, the Department of the Treasury recently unveiled a number of new rules and regulations designed to provide clarity to investors on the tax implications of investing in the newly designated areas. Click here to review the proposed regulations.
The concept for Opportunity Zones was established by the Tax Cut and Jobs Act of 2017, and earlier this year, the Treasury certified more than 8,700 communities nationwide as Opportunity Zones.
According to the Treasury, approximately 35 million Americans live in areas designated as Opportunity Zones. The median family income of the designated areas are 37% below the area or state median, on average, and those areas have an unemployment rate of nearly 1.6 times higher than the national average.
The program was inspired by Sean Parker (billionaire Napster co-founder) and “designed to spur economic development and job creation by encouraging long-term investments in economically distressed communities nationwide,” according to the Treasury.
The program will allow investors to reinvest their capital gains into areas that need redevelopment and job creation. Gains can come from any investment, whether that is from stocks, bonds, real estate or partnership interests.
To qualify for the Opportunity Zone tax breaks, investors must invest their capital gains in an Opportunity Fund Zone within 180 days of receiving those gains. The money cannot be invested directly into a property, and Opportunity Zone Funds must invest 90% of their capital into opportunity zone properties.
Here is how the Treasury breaks down the tax benefits of investing in an Opportunity Zone:
Investment benefits include deferral of tax on prior gains as late as 2026 if the amount of the gain is invested in an Opportunity Fund. The benefits also include tax forgiveness on gains on that investment if the investor holds the investment for at least 10 years. Opportunity Zones retain their designation for 10 years, but under the proposed regulations, investors can hold onto their investments in Qualified Opportunity Funds through 2047 without losing tax benefits.
The Treasury Secretary Steven Mnuchin believes that $100 billion in private capital will be dedicated towards creating jobs and economic development in Opportunity Zones, foster economic revitalization and promote sustainable economic growth.
The Opportunity Zone initiative or (O-Zone as its referred too) will roll out in 2019 and only time will tell just how successful this endeavor will be at the community level and not just in corporate board rooms.
What are Opportunity Zones?
Opportunity Zones are census tracts designated by state and federal governments targeted for economic development.
What is an Opportunity Fund?
An Opportunity Fund is a new investment vehicle created as part of the Tax Cuts and Jobs Act of 2017 to incentivize investment in targeted communities called Opportunity Zones.
Why invest in Opportunity Funds?
Opportunity Funds allow investors to defer federal taxes on any recent capital gains until December 31, 2026, reduce that tax payment by up to 15%, and pay as little as zero taxes on potential profits from an Opportunity Fund if the investment is held for 10 years.
Horizon Companies has put a development team in place that will focus exclusively on O-Zone developments. We have identified several markets in the southeastern region that will be our target markets for rebuilding communities through Opportunity Zone funding.
Click here to learn more about where O-Zones are located.
A project financed with tax exempt bonds typically qualifies for the 4% new construction/ rehab tax credit. This is because tax exempt bonds are a kind of federally subsidized financing, and the 9% credit may not be used in such cases. If the project is located in a Qualified Census Tract or a Difficult to Develop Area, it is able to use the 130% basis Boost. (Like any other project, it also qualifies for the 4% acquisition credit if it meets the standard acquisition tax credit criteria.)
One important advantage to using tax credit bond financing is the fact that the project does not need to compete for its tax credits. They are allocated to the project “as-of-right” once bond financing is awarded to the project.
However, the full amount of the project’s tax credits will be awarded only if certain very specific criteria are met:
• At least 50%…
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“The more you THANK LIFE, the more life gives you to be thankful for.”
I live my life with this basic premise in mind. Everyday may not be great; but everyday has something good in it that I can be grateful for.
Among the things I’m thankful for this year are family, friendships, good health, positive business and personal growth and prosperity.
I’m proud of the growth my businesses have shown and the journey this business blog has seen. Yet, I am confident that THE BEST IS YET TO COME, not only for my businesses, but also for this blog.
If you have been following me for the past few months, you are assured to read about my top five power topics: 1) Business Strategy; 2) Real Estate; 3) Politics; 4) Philanthropy (My Non-profit organization, Operation Help); and, last but certainly not least, 5) Mindful (Inspirational and Motivational) Thoughts For the Day which include my own personal positive thoughts and encouraging words of wisdom and love.
I believe everybody has a responsibility for what they put out into the world. It is my hope that through my opportunity to come into your worlds in the form of this blog, I have sown a seed of love, joy, peace or hope to help you create a better business and/or personal life.
In this post’s closing, I would like to wish each of you a bountiful and blessed holiday coupled with expressing my gratitude for this blog, YOU (the readers and followers)and YOUR ongoing support, loyalty, input and feedback. As the holiday approaches, as always, I’d love to hear from each of you…what are you (most) THANKFUL for?
~ Preston Byrd
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I sincerely do. I don’t know what it is that made you follow me, but thank you for doing so.
I appreciate the LIKES, COMMENTS and SHARES. Your input is always welcomed and it is invaluable as I work to make this blog the BEST BUSINESS blog it can possibly be.
Thanks for continuing on my incredible blogging journey as I evolve, forge ahead and trust the process.
Let’s be great together! ~ Preston Byrd