April 19, 2019
“On April 17, 2019, the Internal Revenue Service (IRS) released the second round of proposed regulations regarding Qualified Opportunity Zone (QOZ) incentive, providing additional guidance and clarifying the “substantially all” requirements for the holding period and use of tangible property.”
“The QOZ incentive was implemented as part of the Tax Cuts and Jobs Act of 2017. It provides substantial tax incentives to promote job growth and economic investment in underdeveloped communities. The QOZ incentive provides a tax advantage for investors to diversify their portfolio into new growth opportunities, while helping to spur economic development in low-income areas. This provides potential for long-term investors to obtain tax reduction and federally tax free appreciation. QOZ investments appeals to a large number of investors with unrealized capital gain.”
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