News & Analysis as of

Economic Development Internal Revenue Service Tax Reform

Husch Blackwell LLP

OBBBA Extends, Modifies Opportunity Zone Program

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One of the highly anticipated provisions of the One Big Beautiful Bill Act (OBBBA) is the extension and expansion of the Opportunity Zone (OZ) program, which was originally enacted under the Tax Cuts and Jobs Act of 2017...more

Orrick, Herrington & Sutcliffe LLP

Final Tax Regulations Offer More Certainty to Opportunity Zone Fund Managers and Investors

Opportunity Zone (or “OZ”) investment was hailed in 2018 and 2019 as the hottest and most innovative way of attracting significant private capital to distressed communities in the United States and its territories by offering...more

Rosenberg Martin Greenberg LLP

The Good, the Bad, and the Yet to be Defined

The Tax Cuts and Jobs Act (“TCJA”) provided the most comprehensive update to the tax code in over two decades. Of the many changes the TCJA provided, Sections 1400Z-1 and 1400Z-2 of the IRC are of the most heavily discussed...more

Cadwalader, Wickersham & Taft LLP

Treasury Issues Proposed Regulations on Opportunity Zones

On October 19, 2018, the Internal Revenue Service (the “IRS”) and the Treasury Department issued proposed regulations relating to the new Opportunity Zone program....more

Goulston & Storrs PC

New IRS Regulations Issued: What’s Next for Opportunity Zones?

Goulston & Storrs PC on

Real estate developers, fund sponsors, and property owners have been eagerly awaiting guidance on the new Qualified Opportunity Zone ("QOZ") provisions included in last December’s Tax Cuts and Jobs Act. ...more

Seyfarth Shaw LLP

Qualified Opportunity Zone Proposed Regulations Provide a Path Forward for Fund Formations, But Leave Many Questions for Another...

Seyfarth Shaw LLP on

Seyfarth Synopsis: On October 19, 2018, the U.S. Department of the Treasury released long-anticipated proposed regulations (the “Proposed Regulations”) relating to investments in Qualified Opportunity Zones (“QOZs”)....more

Akin Gump Strauss Hauer & Feld LLP

Opportunity Zones: New Guidance Sheds Light on How Private Equity Industry Can Take Advantage

• Proposed regulations issued on October 19 provide welcome guidance to asset managers regarding the formation of qualified opportunity funds (QOFs) that may provide investors with the following three tax benefits: (1)...more

Holland & Knight LLP

Opportunity Zone Investments: What You Need to Know and Potential Scenarios - A New Opportunity for Investors to Defer Taxable...

Holland & Knight LLP on

• The Internal Revenue Service (IRS) on Oct. 19, 2018, issued much anticipated proposed regulations (the Proposed Regulations) and other guidance on tax benefits arising from investments in "qualified opportunity zones" that...more

Mayer Brown

Window of Opportunity: The IRS Issues Initial Guidance on Qualified Opportunity Zone Rules

Mayer Brown on

The new rules address a number of issues that investors and sponsors were waiting for guidance on. The IRS has promised further guidance to address issues that remain in need of clarification. ...more

Stinson LLP

U.S. Treasury Issues Much-Anticipated Opportunity Zone Guidance

Stinson LLP on

On Friday, October 19, 2018, the U.S. Treasury Department issued long-awaited proposed regulations and other guidance with respect to opportunity zone incentives under Internal Revenue Code (I.R.C.) § 1400Z-2....more

Schwabe, Williamson & Wyatt PC

Proposed Tax Regulation for Qualified Opportunity Zones Released

As part of the 2017 tax reform enacted as the Tax Cuts and Jobs Act (“TCJA”), the Internal Revenue Code (the “Code”) was amended to add Sections 1400Z-1 (designating qualified opportunity zones (“QOZs”)) and 1400Z-2 (deferral...more

Bradley Arant Boult Cummings LLP

First Round of Opportunity Zone Guidance Proposed by Treasury Department - Economic Development News

The Tax Cuts and Jobs Act created the Opportunity Zone program, which was designed to encourage investment in economically distressed communities by allowing taxpayers to defer and potentially exclude certain portions of...more

Holland & Knight LLP

New Guidance on Opportunity Zones: Incentives for Investments in Low-Income Communities

Holland & Knight LLP on

• Holland & Knight previously published a three-part series describing the powerful new tax incentive contained in the Tax Cuts and Jobs Act for investments in low-income communities designated as "Opportunity Zones." •...more

Bradley Arant Boult Cummings LLP

Three Things You Need to Know: How Trump’s “Tax Cuts and Jobs Act” Will Impact State Incentives and Project Recruitment - Economic...

As you may know, President Trump signed into law the Tax Cuts and Jobs Act (TCJA), enacting broad reforms to the Internal Revenue Code. How your state implements these reforms may have an impact on project recruitment and...more

Bowditch & Dewey

Governor Baker Submits List of 138 Opportunity Zones to U.S. Treasury

Bowditch & Dewey on

On April 19, 2018, the Commonwealth’s Executive Office of Housing and Economic Development announced that Governor Baker submitted a list of Opportunity Zone designations to the U.S. Treasury. The full list of Massachusetts...more

Holland & Knight LLP

Tax Reform's New Incentives for Investments in Low-Income Communities: Part 3 - Key Benefits for Investing Taxpayers and a Review...

Holland & Knight LLP on

• Part 1 and Part 2 of this series of Holland & Knight alerts described a new tax incentive contained in the Tax Cuts and Jobs Act for investments in low-income communities designated as "Opportunity Zones." • In Part 3,...more

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