Tax Credit Advisor Article Archives

Whose Opportunity Is It Anyway?

When the Opportunity Zones program was added to the bipartisan Tax Cuts and Jobs Act of 2017, it was presented as a triple bottom line win: helping underserved communities achieve economic growth and build wealth for residents and businesses; bringing a new source of investment dollars into those communities; and offering the new investors an attractive way to defer and even offset capital gains taxes.

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Case Study: Newark Arts Commons

Ever since the Opportunity Zone program was announced two years ago, developers, investors and community development organizations have been trying to determine which other tax benefit programs, if any, fit comfortably within the same requirements and parameters.

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Housing USA: Amazon Enters An Opportunity Zone

The idea behind Opportunity Zones has been to encourage development in poor areas. Inspired by the Enterprise Zone concept championed in the 1980s by congressman Jack Kemp, the Trump Administration law is, according to the IRS website, “Designed to spur economic development and job creation in distressed communities…by providing tax benefits to investors who invest eligible capital into these communities.”

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Forming More Perfect Regulations

When asked about the December 19, 2019 final Opportunity Zone regulations, Jerome Breed, principal with Miles and Stockbridge P.C., said, “The IRS and Treasury did an excellent job with the final regulations. Of course, if I drafted the rules, I’d be happy with all of them.” John Gahan, partner with Sullivan and Worcester LLP, echoed the sentiment, “We as lawyers would never be completely happy with any set of rules.

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