The newest incentive program, which is currently flourishing across the nation, was created by the Tax Cuts and Jobs Act of 2017. It is the Opportunity Zone program, designed to provide tax incentives to investors who fund businesses in underserved communities. These zones are designated by the individual states and certified by the U.S. Department of the Treasury. While Opportunity Zones bring new opportunities, they also bring tremendous partnership tax questions that can quickly become extremely complicated. Additionally, continuing—and still changing—guidance from the IRS must be studied as it is released to capitalize on Opportunity Zone programs. Our team is dedicated to developing best practices for our clients.
Experience:
- Qualified Opportunity Zone Fund invested in a qualified Opportunity Zone business engaged in the construction, operation and management of a 135-unit assisted living facility located in Georgia, which also features independent living units and memory care units.
- Qualified Opportunity Zone Fund invested in a qualified Opportunity Zone business engaged in the construction, operation and management of a 96-unit assisted living facility located in Mississippi, which also features independent living cottages and memory care units.
- Qualified Opportunity Zone Fund engaging in the acquisition, rehabilitation, expansion and operation of rural sawmill in Mississippi.
- Qualified Opportunity Zone Fund investing in a qualified Opportunity Zone business engaged in the business of real estate rental property.