News & Analysis as of September 23, 2024

Community Development

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Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -

Final Opportunity Zone Treasury Regulations Released

Partridge Snow & Hahn LLP on 12/24/2019

On Thursday, December 19th, the U.S. Department of Treasury released the long-awaited final Opportunity Zone Treasury Regulations (the “Final Regulations”). The Final Regulations and explanatory materials that span 544 pages,...more

QOZ Update: IRS Provides Relief for Early Investments of Net Section 1231 Gain

Ballard Spahr LLP on 6/28/2019

There are many complex and confusing aspects to the qualified opportunity zone (QOZ) program, and the treatment of Section 1231 gain is no exception. Internal Revenue Code Section 1231 applies to depreciable property and...more

Opportunity Zones Update: New Proposed Treasury Regulations (Part II)

Sheppard Mullin Richter & Hampton LLP on 5/22/2019

Qualified Opportunity Zone Businesses - BACKGROUND - In December 2017, as part of the Tax Cuts and Jobs Act (“TCJA”), Congress established a new tax incentive program to promote investment in certain low-income...more

Treasury Provides Additional Guidance on Opportunity Zone Provisions

McDermott Will & Emery on 5/3/2019

The Tax Cuts and Jobs Act of 2017 introduced Opportunity Zone Provisions, IRC Sections 1400Z-1 and 1400Z-2, as an incentive to encourage investment in low-income communities. The provisions allow taxpayers to defer tax on...more

Opportunity Zone Funds – Part I: Overview of the Law

Foster Garvey PC on 1/8/2019

BACKGROUND - Sections 1400Z-1 and 1400Z-2 were added to the Internal Revenue Code of 1986, as amended (the “Code”) by the Tax Cuts and Jobs Act. These new provisions to the Code introduce a multitude of new terms,...more

Investing In Qualified Opportunity Funds

Brooks Pierce on 11/8/2018

The Tax Cuts and Jobs Act signed on Dec. 22, 2017, amended the tax code to encourage economic growth and investment in designated distressed communities, called qualified opportunity zones, by providing federal income tax...more

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

Holland & Knight LLP on 10/25/2018

• 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

Qualified Opportunity Zone Proposed Regulations Q&As

Katten Muchin Rosenman LLP on 10/23/2018

On October 19, the Internal Revenue Service (IRS) and US Department of the Treasury released the first set of proposed regulations under Internal Revenue Code Subchapter Z—Opportunity Zones (Proposed Regulations). On the same...more

Opportunity Zones: How Communities Can Leverage This New Provision to Jumpstart Investment

Akin Gump Strauss Hauer & Feld LLP on 9/19/2018

• Even though practitioners are awaiting proposed regulations on the new opportunity zone provision, interested parties are already starting to set up qualified opportunity funds to pool investor capital. • States, cities,...more

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