December 2017’s federal tax overhaul was accompanied by a law that could benefit the City's south end. The Opportunity Zone tax law provides a tax incentive to for investors and developers to invest in certain communities throughout the U.S. and U.S. territories with the goal of reinvigorating these zones. Under the new law, investors may be able to defer tax on almost all capital gains they invest from now until Dec. 31, 2026.
The south end of the City of Bath, Maine has been identified at one such opportunity zone (2011-2015 LIC Census Tract number 23023970600) and is eligible for the benefits of this program. Property owners who are considering selling their homes or businesses in this zone and developers/investors interested in purchasing property in Bath should make note of this tax program.
You can find out more information by contacting Assistant City Manager Marc Meyers at (207) 443-8330 or by following the links below: