Propel Opportunity Fund Inc. launches headquarters
Published 9:55 am Monday, December 31, 2018
MACON — Propel Opportunity Fund Inc. (www.propelopfund.com) is officially launching its preeminent qualified opportunity fund with its headquarters in Macon. Propel Opportunity Fund was founded by, two-time National award winner, Frank Austin and co-founded by, Presidential Lifetime Achievement recipient, James Austin III. Propel Opportunity Fund center of interest encompasses opportunity zones nationwide with a heavy emphasis in Atlanta and Middle Georgia. The $450 million fund is officially open to investors. Frank Austin and team have strategically developed lucrative exit strategies for investors through a corporate structure and strategic plans with uninterrupted positive impact to distressed communities and cities as a whole.
The federal Tax Cuts and Jobs Act of 2017, established the Opportunity Zone program, legislation that U.S. Sen. Cory Booker helped draft, as a way to spark private-sector investment in low-income urban and rural communities. The lure is an immediate tax deferral, step up in basis and if held for 10 years a permanent exclusion from taxable income of capital gains tax. The most recent estimates indicated by the New York Law Journal there is as much as $6.1 Trillion in unrealized capital gains that could be reinvested into Qualified Opportunity Funds and Opportunity Zones.
Under the TCJA of 2017, much of which is focused on community revitalization. Investors only have 180 days from the date of tax gain to invest into an IRS Qualified Opportunity Fund and defer up to 100 percent of their capital gains tax. In addition to the tax benefit for this year’s tax season, the investor gets an added benefit of receiving tax-free the gains on the Opportunity Fund Investment itself.
Propel Opportunity Fund Inc. has already identified its first (property) project. “We will invest in all asset classes within the specific Opportunity Zones that we are pursuing, much of which will be a substantial value add and opportunistic investments,” Frank Austin said. In addition, we have a partnership with NES Financial to ensure compliance with IRS and an executive team with over 50 years of combined experience in law, forensic accounting, auditing and taxation. Our priorities are to ensure we are within compliance while creating genuine returns and changing the world.
“This is a historic opportunity that seldom presents itself,” Frank Austin said in a statement. “It is a unique chance for investors to receive significant tax savings while investing in real estate located in communities that Propel Opportunity Fund Inc.(www.propelopfund.com) has identified as exhibiting strong growth potential. It is also a chance for our investors to further diversify out of traditional investments such as stocks and bonds and into a broad array of investments including commercial real estate, housing, and infrastructures and even existing and start-up businesses while also earning the additional return boost due to the tax savings of the [Opportunity Zones] program”.