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As part of the 2017 Tax Cuts and Jobs Act (the “TCJA”), Congress created the Qualified Opportunity Zone (“QOZ”) tax benefits.  Owing in part to confusion over the provisions, the QOZ tax benefits were not initially as widely publicized and discussed as most of the other provisions of the TCJA.  However, with the proposed regulations issued by the IRS in October and high-profile funds being created, Qualified Opportunity Funds have been increasingly in the news. [...]

As part of the 2017 Tax Cuts and Jobs Act (the “TCJA”), Congress added Sections 1400Z-1 and 1400Z-2 to the Internal Revenue Code, creating the Qualified Opportunity Zone tax benefits.  Owing in part to confusion over the provisions, the Qualified Opportunity Zone tax benefits have not been as widely publicized and discussed as most of the other provisions of the TCJA.  However, the IRS has recently issued proposed regulations and a Revenue Ruling that have brought clarity [...]