Intro by April Sparks Pyatt, Ice Miller LLP
The Opportunity Zone Program was created by the Tax Cuts and Jobs Act of 2017, in order to drive private investment into urban and rural low-income communities. Those willing to invest in areas designated as "Qualified Opportunity Zones" are eligible for preferred tax treatment of their capital gains. The program is designed to spur private investment in small businesses and in commercial and housing projects in low-income areas.
In April, the U.S. Department of Treasury and Internal Revenue Service released its second tranche of proposed regulations for the Opportunity Zone Program. This article provides a detailed analysis of the existing Opportunity Zone Program statue, the initial round of proposed regulations and the clarifications provided by the latest round of proposed regulations.
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