stephendrunsic

Tax Benefits of Opportunity Zones

The president of Nashville & Eastern Railroad Corporation from 2016 to 2019, Stephen Drunsic oversaw industrial projects that created numerous jobs and benefited the local economy. More recently Stephen Drunsic has invested in LBL Fabrications in Springfield, Vermont, as part of an Opportunity Zone Investment program.

Opportunity zones throughout the country were designated by the 2017 Tax Cuts and Job Act aim to increase investment opportunities in low-income and undercapitalized communities. Opportunity zones provide capital gains tax incentives to attract new businesses to an area.

An investor who has realized a capital gain by selling an asset such as real estate or stocks can receive special tax benefits when they reinvest the gains into an Opportunity Fund within 180 days. By rolling over capital gains into a qualified Opportunity Zone Fund, investors receive three main advantages.

First, they defer tax on the eligible gains they invested until 2026 or until they dispose of the asset. Then the benefit drops to ten percent after five years. Finally, Opportunity Zone Fund investors are not required to pay any tax on the gains earned from the Opportunity Zone Fund when they are held for at least 10 years.

Manchester Riverwalk Association Proposes Community Improvements

A two-decade veteran of the transportation industry, Stephen Drunsic most recently served as president of Nashville & Eastern Railroad Corporation in Lebanon, Tennessee. Stephen Drunsic has also served on the board of local organizations including the Manchester Riverwalk Association.

Established in 2013, the Manchester Riverwalk Association aims to construct, improve, and maintain public pathways along the West Branch of the Battenkill in Manchester, Vermont. Among the association’s plans for community enhancement is a bridge stretching from the Factory Point Town Green to Factory Point Place along the city’s historic Main Street.

The proposed bowstring-style bridge will include an arched bridge walking surface and can potentially be embellished with metal design elements. The bridge will be above the floodway and will be accessible to both sides of the town. Additionally, smaller proposed bridges at the river level could connect a series of existing paths, further enhancing the vibrancy of the downtown area. For more information about the Manchester Riverwalk Association and other plans for the area, visit www.manchesterriverwalk.org/.

Manchester Riverwalk Association Wins Grant to Build Pedestrian Bridge

In December 2020, the association received a $2,500 grant from the USA Today Network and the Gannett Foundation as part of their Community Thrives challenge to build the Riverwalk Community Bridge. Competing against more than 500 organizations, Manchester Riverwalk was one of three recipients in Vermont. The awarded grant will help the organization build a 110-foot bridge connecting Factory Point Town Green to the Historic Main Street. The bridge will allow pedestrians to easily cross the west branch of the Battenkill River while enjoying the view of the Mill Pond falls. The bridge is presently being designed and engineered by Vanasse Hangen Brustlin, Inc. and expected groundbreaking is targeted for Q3 of 2021.

The Manchester Riverwalk Association is a nonprofit organization aiming to build and maintain the city’s public pathways. By creating walkable paths around the town, the organization hopes to transform Manchester into a cultural destination.

The Manchester Riverwalk board of is comprised of a number of local volunteers and includes; President, Margaret Donovan, Vice President: Catherine Stewart, Treasurer: Norm Favor, Secretary:, Cristina Mansfield and board members: Eileen Braheney, Joanie Burns, Michael Cooperman, Stephen Drunsic, Colleen LaChac, Frank Parent, Shari Siegel and Dick Smith.

What is Positive Train Control?

Stephen Drunsic is an accomplished executive who has worked for over two decades in the transportation industry. Stephen Drunsic is a former president of Nashville & Eastern Railroad Corporation where he performed oversight duties of the NERR/NWR shortline freight railroads.

According to the Federal Railroad Administration, there has been great improvement in safety for the railroad sector. Improvements in training and operational protocols have contributed to positive developments. In addition, the adoption and improvement of rail technology are expected to further improve safety records. One of the technologies which have improved freight railroad safety is Positive Train Control (PTC), a combination of technologies designed to automatically bring a train to a halt before accidents related to human error occur.

PTC was mandated by Congress as part of the Rail Safety Improvement Act of 2008 and signifies developing a system that utilizes thousands of components that work across an interconnected network of freight, passenger and commuter railroads. For PTC systems to function effectively, they should be able to determine the speed of trains, precise location and direction of trains as well as warn operators of impending dangers and stop a train if the operator fails to act. Positive Train Control is designed to prevent train-to-train collisions, derailments due to excessive speed, and unauthorized train movement in areas where maintenance activities are ongoing.