OZ 2.0 Enacted!
OZ 2.0 Enacted!
This past Thursday, February 14, the IRS Auditorium in Washington DC was packed to capacity with over 200 attendees as stakeholders spoke during the public hearing on proposed regulations: “Investing in Qualified Opportunity Funds” [REG-115420-18]. Hearing participants requested additional guidance…
The IRS will hold a public hearing tomorrow, February 14 at 10:00 a.m. EST, to focus on proposed regulations regarding qualified opportunity zone funds. The hearing will take place in the auditorium of the IRS Building located at 1111 Constitution…
Introduced in December 2017 as part of President Trump’s Tax Cuts & Jobs Act, the Opportunity Zones program incentivizes real estate and business investments in certain low-income communities throughout the country by providing investors with major tax breaks, so long…
Amazon had been criticized for locating their HQ2 in an opportunity zone in Queens, New York. As it turns out, they will not be taking advantage of the tax break after all. From Bloomberg: “We will not be using the…
Last week, Senator Tim Scott (R-SC) — along with 15 other Senators and Congressmen — sent a letter to Treasury Secretary Steven Mnuchin, seeking clarification on several matters related to the Opportunity Zones tax policy, specifically in regards to investments…
Manager interest in launching qualified opportunity zone funds is sky high, but most are still waiting to hear more regulatory clarity from the IRS. Thus far, most of the managers that have launched OZ funds are relatively small private wealth…
Two additional census tracts in Puerto Rico have been designated as Opportunity Zones by the Treasury Department. The two tracts — 72119130102, located in Rio Grande, and 72137122002 located in Toa Baja — meet the statutory criteria for a Low-Income…
Today, President Trump signed Executive Order 13853, promoting public commitment to the opportunity zones program enacted last December as part of the Tax Cuts and Jobs Act of 2017. The executive order establishes the White House Opportunity and Revitalization Council,…
A working group of accountants formed by Novogradac sent a letter to the U.S. Treasury last month, requesting further clarification in the wake of the proposed regulations (IRS REG-115420-18) published in October. In part, the letter states, “Taxpayer uncertainty around…
Most qualified opportunity zone funds are geared toward real estate. Because 90% of a fund’s assets must be held within OZ geographies, real estate investing is simpler than business venture investing. That said, the actual purpose of the legislation itself…