This short article outlines the requirements for starting an active business in a qualified opportunity zone (“QOZ”).
The US tax legislation that created QOZs was enacted in early 2018, and is intended to encourage long-term investment in economically distressed communities. The IRS issued two substantive sets of proposed regulations outlining rules for QOZ investments (in…
The IRS recently issued Notice 2020-39, which offers relief to both qualified opportunity zone funds (“QOFs”) and persons seeking to invest in QOFs who are affected by the global COVID-19 pandemic.
Investors in QOFs who want to defer capital gains and receive other QOF tax benefits are required to invest in a QOF within 180…
On October 19, 2018, the IRS released Revenue Ruling 2018-29, an eagerly awaited ruling addressing real estate investment in Qualified Opportunity Zones (“QOZs”). In brief, the Revenue Ruling holds that, for purposes of measuring whether a real estate investment is “substantially improved” so that it will qualify as “QOZ business property” and therefore will qualify…
Section 1400Z-2(a) of the Internal Revenue Code of 1986 (the “Code”), enacted as part of the 2017 federal Tax Cuts and Jobs Act is designated to spark long-term capital investment into low-income and urban communities, now called the “Opportunity Zone Program.” Via the Qualified Opportunity Zone Program, developers and investors can…
