The Opportunity Zone provisions were added to the tax code by the 2017 tax reform legislation, commonly referred to as the Tax Cuts and Jobs Act. On December 20, 2019, Treasury and the IRS released final regulations addressing investments in Opportunity Zones. These regulations finalize proposed rules that were released in two tranches, one in October 2018, and another in May 2019.
The highly anticipated final regulations provide clarity around a large number of issues that are of critical importance to both potential investors in QOFs and businesses interested in taking advantage of the incentives provided for operating in qualified opportunity zones. The final regulations also provide several new rules and provide expansions of previously provided safe harbors that generally are favorable in terms of investment, development, and operation, of projects in qualified opportunity zones.
This roadmap highlights key takeaways from the proposed regulations.
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