Hooper says the biggest clarification involves how operating businesses can comply with the rules.
PORTLAND, OR—Created by the Tax Cut and Jobs Act of 2017, opportunity zones seek to spark economic development in distressed areas by encouraging long-term investments through tax breaks. The tax incentive allows investors to defer or minimize taxes on capital gains and, when the investment is remains in play for more than a decade, eliminate capital gains taxes all together.
The Treasury Department recently released a second round of rules clarifying requirements for opportunity zones in a move designed to encourage more development in low-income areas, according to Housing Wire. The new rules are intended to make it easier for developers looking to take advantage of the tax breaks promised by investing in opportunity zones, and clear up some of the confusion that was holding investors back.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
