October 20, 2019
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MEREDA’s to hold next Morning Menu Breakfast event on opportunity zones

Event organizer: Shelly Clark
Event Date & Time: November 21, 2019 7:30 am until November 21, 2019 9:00 am
Contact email: info@mereda.org
MEREDA | Contributed
MEREDA | Contributed

BIDDEFORD — MEREDA will hold its next Morning Menu Breakfast event “Opportunity Zones: What you Need to Know to Take Advantage of this Opportunity in Real Estate and Beyond” 7:30-9 a.m. Thursday, Nov. 21, at Pepperell Mill Campus.

The 2017 Tax Cuts and Jobs Act created a bi-partisan tax incentive program based on economically distressed Opportunity Zones. Investors in Qualified Opportunity Zone businesses now have the ability to defer, and to some extent eliminate, recent capital gain income, by properly investing their gain proceeds. Gov. LePage has designated 32 Opportunity Zones in Maine ranging from Saco to Madawaska, including parts of Downtown Portland, which opens the door for real estate developers pursuing projects in these designated areas to tap into a whole new group of tax savvy investors.

Panelists Andy Smith and Nelson Toner will offer insights about how the legislation will impact the real estate industry and the tax advantages available to investors in Opportunity Zone projects.

About the Panelists:

For more than 30 years, Nelson Toner has practiced law at Bernstein Shur providing tax planning, estate planning and business succession planning to individual and business clients. Prior to working at Bernstein Shur, Nelson worked in the tax department at the Boston office of Grant Thornton, an international accounting firm during the halcyon days of pre-1986 real estate syndications. Nelson gives many local and state seminars, including a regular presentation at the Maine Tax Forum each autumn, and for many years taught Estate and Gift Tax at the Maine Law School. He also writes the S Corporation column for the Journal of Passthrough Entities, a national tax publication.

Nelson earned a bachelor’s degree in mathematics from Trinity College (Hartford), a JD degree from Case Western Reserve University, and an LLC in taxation from Boston University

Andrew Smith is a principal at Baker Newman Noyes, specializing in assisting his clients with practical advice and creative solutions to their most challenging business issues, including tax efficient structures for business transactions; fixed asset analysis; succession planning; and tax deferral and reduction strategies. He also works with real estate clients of all sizes on cost segregation studies, like-kind exchanges, and historic rehabilitation credits. In addition to serving clients, Andy is also actively involved in the firm’s college recruiting initiatives, having begun his career at the firm in 1997 as an intern and leads the tax department’s Multi-Generational Business group.

He earned a bachelor’s degree in business administration, with concentrations in accounting and finance, from the University of Maine, Orono.

Registering for this Event:

MEREDA Members: $45 each | Non-Members: $55 each. Prices increase by $10 after Nov. 14.

Your RSVP is requested by Nov. 14. Payment is expected at the time of registration. No refunds will be granted to anyone who registers but fails to attend or who cancels after Nov. 14.

For more information and to register, visit  mereda.org.

MEREDA’s Morning Menu is Sponsored by Norway Savings Bank and Pepperell Mill Campus.