As part of the 2017 Tax Cuts and Jobs Act, Congress added Sections 1400Z-1 and 1400Z-2 to the Internal Revenue Code, creating the Qualified Opportunity Zone tax benefits. Congress’s purpose in creating the Qualified Opportunity Zone tax incentives was to promote private sector investment in economically distressed communities. Investors in the opportunity zones are eligible for the deferral of capital gains and possible reductions in total tax liability.
An investment in a Qualified Opportunity Zone Fund (“QOZ Fund”) can provide a taxpayer with flexible gain deferrals and possible reductions in tax. Ensuring proper QOZ Fund creation and operation is vital in receiving the exciting tax benefits provided by these incentives.
Whiteman Osterman & Hanna has experience in creating QOZ Funds, providing guidance on operating QOZ Funds, and advising clients in investing the Funds. Please contact Scott Shimick at firstname.lastname@example.org, or by phone at (518) 487-7678.
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