Yonkers, New York, November 19, 2019 – Alpha-En ( OTC: ALPE) announced today that is has determined that it meets the requirements to be a Qualified Opportunity Business (“QOZB”) under the Federal Tax Cuts and Jobs Act of 2017 (“TCJA”).
As a QOZB alpha-En could potentially offer favorable tax treatment to investors in future placements of the company’s securities, as specified in the TCJA.
Alpha-En’s headquarters and laboratory facilities in Yonkers, New York, is located in an Opportunity Zone as certified by the US Treasury under the TCJA. After federal regulations specifying the requirements for OZQB status were released in April of 2019, alpha-En engaged the services of CapZone Analytics,LLC, a firm that specializes in assessing Opportunity Zone investment eligibility. Alpha-En has determined that it meets the eligibility requirements under the TCJA to qualify as a QOZB.