Opportunity Zone Basics
Qualified Opportunity Zones were created by the 2017 Tax Cuts and Jobs Act, designed to spur economic development and job creation in distressed and low-income communities by providing a capital gains reinvestment mechanism that defers and reduces and excludes tax liability on gains from qualified investments.
An Opportunity Zone is a community that has been nominated by the stated and certified by the Treasury Department as qualifying for this program.
- Investment in an Asset (real estate, business, infrastructure, etc.)
- The asset is located in an Opportunity Zone
- Capital originates from a recent capital gains
- Investment to occur before 2036
- Tax liability payment deferral until 2026
- 10% step-up in basis if held a minimum of 5 years & invested by 2021
- 100% federal capital gains tax exclusion on sale, if held for a minimum of 10 years.
There are approximately 8,700 Opportunity Zones identified throughout the US.
Qualified Opportunity Zone Fund
Any investment vehicle which is organized as a corporation or partnership for the purpose of investing in qualified opportunity zone property that holds at least 90% of its assets in a qualified opportunity zone.
Qualified Opportunity Zone Property
The three key funding structures that qualify for Opportunity Zones are as follows:
- Qualified Opportunity Stock
- Qualified Opportunity Zone Partnership
- Qualified Opportunity Zone Business Property
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