When looking to invest in Florida commercial real estate, buyers need to consider many factors. Brevard County is the right place to build or reinvest for many companies, however, without the right information you can still miss out on important opportunities. The Space Coast has a growing workforce and competitive development programs, such as the Technology Docking Program, but as an investor, you should explore Brevard County’s zoning tax incentives.
Brevard County’s Opportunity Zone Program
In 2017, Brevard County established the Opportunity Zone program, a program targeted toward investors with long-term capital gains. The goal of this program is to encourage job creation and new capital investment and bring economic growth and development to low-income communities. Designated opportunity zones are spread across Brevard County and investors who invest in property in these zones can gain tax benefits.
The Brevard County Opportunity Zone program promotes long term property investments on Florida’s Space Coast. Investors can defer on gains made in a Qualified Opportunity Fund. The longer they hold a QOF investment, the higher their tax benefit. For instance, if an investor holds an investment for more than 5 years, there is a 10% exclusion of the deferred gain, at 7 years it becomes 15%, and so on.
The goal is for investors to re-invest their unrealized capital gains into a Qualified Opportunity Fund (QOF). This fund is an investment vehicle for amassing private investment and using that capital to support eligible property located in these Opportunity Zones.
This program impacts where investors choose to invest and will likely influence how long an investor considers committing to a property. Understanding the Opportunity Zone program, and Brevard County’s zoning may help you find the ideal location for your property investment once you understand clearly how this program works.
The best way to ensure you learn about Brevard County zoning laws is by working with a local broker. Ullian Realty brokers have lived and worked on Florida’s Space Coast for decades and have extensive knowledge about the area including zoning laws. Contact us to schedule an appointment and learn more today.