The opportunity zone tax program was introduced during President Donald Trump’s first term as part of the 2017 Tax Cuts and Jobs Act. Its main goal was to encourage investments in economically distressed areas by offering specific tax benefits. By boosting local development, increasing tax revenue and creating jobs, the…
Despite the economic uncertainty caused by the COVID-19 crisis, investment in Opportunity Zone funds continues to grow and shows signs of gaining momentum. Investment in Opportunity Zone funds listed by Novogradac now tops $10 billion, and is up 50% since early January. Opportunity Zones were a buzzword following the establishment…
Even as tax incentives provided by the opportunity zone program in 2017’s Tax Cuts and Jobs Act offer the possibility of significant tax benefits when investing gains in Qualified Opportunity Funds (QOFs), such funds must comply with a wide variety of significant federal and state securities laws and regulations. In…
On April 17, 2019, the IRS issued its much anticipated second tranche of guidance (the “2019 Proposed Regulations”) on the qualified opportunity zone (QOZ) program established by the 2017 Tax Cuts and Jobs Act. The 2019 Proposed Regulations discuss a number of issues that were left unaddressed by the initial…