The opportunity zone fund provision that was included in the 2017 Tax Cuts and Jobs Act has created significant hype in the business community, especially within the real estate industry.
Photo by Christina Estes – KJZZ
STEVE GOLDSTEIN: The 2017 Tax Cuts and Jobs Act that was approved by Congress and signed by President Trump included a provision on opportunity zones. That gave states the opportunity to nominate certain areas — presumably low-income sections — as those zones, where developers would have incentive to build based on capital gains related tax breaks.[ … ]
The Opportunities Zones program enacted with the Tax Cuts and Job Act of 2017 offers three tax incentives for investing in certain low-income communities through a qualified Opportunity Fund: temporary deferral, step-up in basis, and permanent exclusion of capital gains. Under this provision, gain from the sale of any type of property that produces capital[ … ]