Department of Business, Economic Development & Tourism

For Immediate Release: October 1, 2019

HONOLULU— Designed for Certified Public Accountants (CPA), lawyers, bankers, real estate brokers, potential investors, and financial advisors, this seminar will address many questions that business owners and real estate developers considering Opportunity Fund investment opportunities in Hawaii may have.

October 17, 2019
8:00 am Registration; Program 9:00 am – 1:30 pm, including lunch
Fuller Hall, YWCA of Oahu, 1040 Richards Street, Honolulu; Cost: $40

This seminar, organized by the Department of Business, Economic Development and Tourism (DBEDT), Hawaii Community Reinvestment Corporation (HCRC) and the Hawaii Society of Certified Public Accountants (HSCPA), will take a deep dive into the tax, legal and business details of investing in Hawaii’s Opportunity Zones (HI OZ), a community development program authorized by the recently passed Federal Tax Cuts and Jobs Act of 2017. This tax initiative provides incentives for investors to re-invest capital gains into Opportunity Funds in exchange for temporary and long-term tax deferral and other benefits. The Opportunity Funds are then used to provide investment capital to economically challenged communities, i.e., Opportunity Zones.

Mike McCartney, director of DBEDT said that a diversified economy creates opportunities for everyone in our State. “This new program is part of DBEDT’s efforts to increase investment in Hawaii to create community based long-term economic growth and jobs.”

Further background on the national experts:

Brent Parker, CPA, is a principal in the Long Beach, Calif., office of Novogradac & Company LLP. Brent is experienced in affordable housing and community development, nonprofit organizations and public housing authorities, historic rehabilitation, and renewable energy, with a particular focus on the low-income housing tax credit (LIHTC), renewable energy tax credit (RETC), new markets tax credit (NMTC) and historic tax credit (HTC) industries. In addition to providing various consulting and forecasting services, he has worked extensively on financial statement audits and tax planning and tax return preparation. Brent is a contributor to the Novogradac Journal of Tax Credits and leads professional development training efforts on various complex taxation concepts.

Marc Schultz is a Partner with Snell & Wilmer. His practice is concentrated in federal, local and state taxation matters, including complex transactions involving corporations, limited liability companies, limited partnerships, tax exempt entities, and real property. Marc regularly engages in advising clients with respect to mergers and acquisitions, joint ventures, formation of private investment funds, tax credit financing, and energy transactions. Marc currently chairs Snell & Wilmers Tax Credit Finance Group and Renewable Energy Group and founded and co-chairs the firms Opportunity Zones and Funds Industry Group. Marc has represented investors, developers, and syndicators with respect to Low-Income Housing Tax Credit transactions and has represented numerous parties with respect to transactions involving New Markets Tax Credits, Historic Tax Credits, and Renewable Energy. Marc is currently representing investors, fund sponsors, and developers with respect to the Opportunity Zone incentive.

The Hawaii Society of Certified Public Accountants is also offering 4 hours of CPE credit for their membership.

For more information and registration go to invest.hawaii.gov/oz/events.

About the Hawaii Society of Certified Public Accountants (HSCPA)
Incorporated in 1932, the Hawaii Society of Certified Public Accountants (HSCPA) has a diverse membership in public practice, business and industry, government and academia. The HSCPA is the only professional organization in Hawai‘i dedicated to CPAs with its purpose to promote high standards of integrity and competence within the accounting profession and to enhance the value of a CPA.

About Hawaii Community Reinvestment Corporation (HCRC)
HCRC is a 501(c)3 is a community based non-profit corporation founded in 1990. The mission of HCRC is to facilitate affordable housing, community development, and economic development throughout the State of Hawaii by providing innovative financing, training, and consulting services.

About the Department of Business, Economic Development & Tourism (DBEDT)
DBEDT’s mission is to achieve a Hawaii economy that embraces innovation and is globally competitive, dynamic and productive, providing opportunities for all Hawaii’s citizens. Through its attached agencies, the department fosters planned community development, creates affordable workforce housing units in high-quality living environments, and promotes innovation sector job growth.

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Media Contacts:
Mark J. Ritchie
Branch Chief, Business Support Branch
Business Development and Support Division
Department of Business, Economic Development and Tourism
Phone: (808) 587-2785
Website: invest.hawaii.gov

Kathy Castillo
Executive Director
Hawaii Society of Certified Public Accountants
Phone: 808-537-9475
Website: hscpa.org