A new bill, introduced by both of Florida’s senators, is aimed to bring new business into the area and would create more opportunity and an economic push in the panhandle.
On Wednesday, Senator Marco Rubio and Rick Scott introduced the Disaster Opportunity Zones Act in Washington D.C.
“We don’t have the capital. We don’t have all the developers that can do it so this creates an opportunity for those guys to get some tax breaks, tax incentives to come into our community so we welcome it and grateful for both senators,” said Bay County Commissioner Robert Carroll.
The bill would allow governors to nominate areas affected by the 2018 hurricanes and California wildfires as opportunity zones, encouraging investors to move in.
Panama City Mayor Greg Brudnicki said, “It gives developers the right to take capital gain and either defer the tax on that gain if they have the money invested five to seven years or if they have it invested at least 10 years, totally eliminate the tax on that gain.”
In 2018, Panama City was certified as an opportunity zone by the state in part of the Tax Cuts and Jobs Act. This bill is identical to that but for disaster-impacted areas.
“It will create a buzz in our area that ya know, we had a hurricane but guess what advantages you could have now if you come into our area and invest,” said Brudnicki.
The bill is still in the early stages of review.