The Rose Law Group has named partner and Maricopa County Supervisor Thomas Galvin as director of its opportunity zone group.
Rose Law Group was one of the first law firms in the county to get actively involved in Opportunity Zones, as soon as the economic development and tax benefit tool became effective in 2018. Galvin has background in the public and private sectors and his considerable knowledge in real estate, site selection and business consulting.
“Tom has been working in the area of economic development both at Rose Law Group and in his roles in general community service, so being named director of our incredibly busy Opportunity Zone practice group is a perfect fit,” Rose Law Group founder and president Jordan Rose said in a press release.
The Tax Cuts and Jobs Act of 2017 created the opportunity zones program, which allows states to designate opportunity zones within their state lines wherein investment may provide significant tax incentives. Under this program, investors can delay paying tax on capital gains until as late as December 31, 2026 if those gains are invested in opportunity funds that invest in zones across the country.
These tax benefits could drastically reduce the cost of capital for these projects; for example, gains on investments in funds can be federal income tax-free if the investment is held for at least 10 years. Rose Law Group provides a variety of services in conjunction with the opportunity zones program to help fund sponsors, developers, and investors unlock the full potential of the Opportunity Zones program.
Rose Law Group believes continued opportunity zone investment and development, raises the tide for not only opportunity zone stakeholders and the success of the program, but also for the communities, businesses and people who reap the benefits of these projects.
“Opportunity zones are an important economic development tool that are meant to spur investment in distressed and overlooked communities,” Galvin said in a press release. “They provide tax benefits to investors in order to (incentivize) economic growth and job creation in neighborhoods and cities that need it most.”