Downtown Phoenix is listed as a new Opportunity Zone, which could help spur even more development in the area./Phoenix Business Journal
By Brandon Brown | Phoenix Business Journal
One of the hottest topics among lawyers, real estate brokers and developers around Arizona right now is a seldom-discussed part of the Tax Cuts and Jobs Act that congress passed in December 2017.
In just a few pages, the law created a new program meant to spur economic development and create an opportunity for people to avoid paying capital gains taxes.
The new tools are called Opportunity Zones and Opportunity Funds. Since the approval of the zones, phones have been ringing off the hook at law offices around town with people wondering how they can start an Opportunity Fund, when they should buy land in an Opportunity Zone or what they should do since the property they own just became part of one of these prized zones.
