Opportunity knocks for the Claremont and Newport areas

By CHRIS SUNUNU
New Hampshire’s economic resiliency lies in our local communities — they are the backbone of our society and the focal point of cultural activity. 

For far too long, however, some communities have been left behind. While some have thrived in recent years, others are struggling to keep up.

Mayor Lovett has done a tremendous job revitalizing downtown Claremont and now it’s the states turn to help. Today, we are announcing 27 Opportunity Zones across the state — including Claremont and Newport — to encourage investments in areas that are often left behind. 

Opportunity Zones provide tax incentives to investors to reinvest unrealized capital gains into neighborhoods throughout the state.  

These local neighborhoods deserve an economic boost, and that is what we are going to give them. The goal is simple: to create jobs, to increase wages, and to revitalize communities across the state.

These Opportunity Zones are a direct result of the Tax Cuts and Jobs Act passed last year — seeking to encourage investments in areas that are working hard to keep up. In New Hampshire, we are able to designate 27 census tracts as Opportunity Zones. These Opportunity Zones provide an incredible opportunity to promote economic vitality through funding the development of workforce and affordable housing, new infrastructure projects, and start-up businesses.

Opportunity Zones are a community development tax incentive which provides a new advantage to private investors to invest in and support economically distressed communities though private equity investments in business and real estate ventures. Investors with unrealized capital gains can transfer those gains into Opportunity Funds which will then invest in projects in Opportunity Zones. Investments in Opportunity Funds have the incentive of deferral, reduction and potential elimination of certain federal capital gains taxes. 

Together, with the help of these Opportunity Zones, Mayor Lovett’s leadership, and investors across the state, Claremont and Newport are poised to chart a course forward of renewed entrepreneurial spirit and vibrant economic energy. Whether a strip-mall can now be renovated, a manufacturing plant can now reopen, or a historic hotel gets refurbished, the possibilities are endless. New Hampshire is opening doors and eliminating barriers to untapped economic development. 

Money will be directly put towards rebuilding our local communities so they can continue to serve as the social fabric of our state.

For more information on this program, and how you can take advantage of this tremendous economic opportunity, contact the New Hampshire Department of Business and Economic Affairs at: [email protected].

 

Chris Sununu is governor of New Hampshire .