30 OPPORTUNITY ZONE MAGAZINE | VOLUME 2 • ISSUE 1
CEO of the Erie Regional Chamber and Growth Partnership ( ERCGP ) explained , " According to our projections , this industry is positioned to bring 100 additional jobs in game design , software , computer systems , and data science and analytics into Erie over the next five years ." 6
50 MANUFACTURING JOBS , GROWING TO 200 JOBS IN NEVADA
The American Battery Metals Corporation , an Americanowned extraction and battery recycling technology company , is constructing its first lithium-ion battery metals recycling plant . The recycling facility will be housed in a to-be-constructed 30,000 square foot industrial building . Upon construction completion in early 2021 , the company expects to create 50 new jobs initially , and then , within a 24-month period grow that to as many as 200 jobs .
465 TECHNOLOGY JOBS IN ATLANTA
A women-owned tech firm , Milletech Systems Inc ., is moving its operations to an OZ in Atlanta , Georgia which will create an estimated 465 jobs . Millitech will scout over 100 students from Historically Black Colleges and Universities , the University System of Georgia ( which comprises of 26 public institutions across the state ) and Atlanta ’ s workforce development agency and hire these students for full-time positions in the cloud technology space . Millitech CEO , Nasir Mujawar , spoke on the importance of this location , “ This facility is a firstof-its-kind software development center , which will provide career pathways to Georgia ’ s local talent pool while boosting the state economy .” 7
In addition to investments in existing companies , the OZ incentives have attracted capital to early-stage companies such as those funded by the Verte Opportunity Fund . Two examples of Verte investments include the Outlook Company and Solve . Verte invested in the Outlook Company , a full-service production , animation , and content company . As the first studio of its kind in the region and one of two minority-owned animation studios in the U . S ., the Outlook Company plans to hire local animators and actors with the hopes of sparking economic growth . The Outlook Company has been rapidly expanding under the leadership of cofounder Trevor Pryce , a former 14-year NFL All-Pro defensive lineman . Pryce has been pursuing his passions in music , film , and writing since his days in the NFL , and recently had the chance to serve as creator and executive producer for two Netflix series .
A mission-based Chicago software company , Solve specializes in job training and placement , and is moving to an OZ in Chicago . Verte Opportunity Fund invested in the technology company that connects underrepresented job seekers to a broad network of employment opportunities and resources , including training programs , employers , career pathways , and support services .
THE NEXT PHASE FOR OZS IN 2021
A women-owned tech firm , Milletech Systems Inc ., is moving its operations to an OZ in Atlanta , Georgia which will create an estimated 465 jobs .
Importantly , the OZ tax incentives will continue to be available under a Biden Administration . The fact that President Biden has included the OZ program in his Build Back Better plan means that he agrees that this bipartisan legislation is helping build and rebuild low- and moderate-income communities . Since Biden ’ s plan outlines certain proposed changes to the OZ tax incentives , the plan is implicitly affirming the continuing bipartisan support for these OZ incentives .
The changes to OZ are likely to come in the form of greater reporting requirements and enhanced qualified opportunity fund ( QOF ) certification . In terms of the former , currently , the IRS does not think it can add additional reporting requirements through the regulatory process . The IRS staff has stated as much in OZ hearings . For example , they have concerns about privacy and how to handle reporting since it was not included in the original OZ legislation ( TCJA ). Thus , reporting legislation would need to be passed , and Senator Tim Scott ( R-SC ) has offered relatively broad and wellconceived reporting requirements in his proposed IMPACT Act .
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