The federal Opportunity Zone Program, an antipoverty initiative, will be the subject of a Dec. 13 business workshop in downtown Riverhead.
The event, which runs from 11:30 a.m. to 2 p.m., will offer information to businesses, developers and investors about the two-year-old program. It was created by the federal Tax Cuts and Jobs Act of 2017 to spur investments by allowing taxpayers to defer capital gains taxes by reinvesting the gains in an Opportunity Zone.
Riverhead is home to two of Long Island’s 10 zones: downtown Riverhead and Enterprise Park at Calverton. Hempstead Village also has two and there are one each in Central Islip, Glen Cove, Hempstead Village, Huntington Station, Long Beach, North Bellport and Wyandanch.
Each zone has an individual poverty rate of at least 20% and median family income of no greater than 80% of the area median, according to Empire State Development, the state's primary business-aid agency.
The Dec. 13 workshop, to be held in the Sea Star Ballroom of the Long Island Aquarium & Exhibition Center, 431 East Main St., will feature presentations by Michael Maturo, president of RXR Realty, and KPMG accountants Philip Marra and Demetrios Yatrkais.
The workshop has been organized by the Riverhead Chamber of Commerce and the town’s industrial development agency and community development agency. Tickets are $20 per person and include lunch.
RSVP by Dec. 9 via riverheadchamber.com or by calling 631-727-7600.