By Jon Banister | Bisnow The opportunity zone program has created tremendous buzz throughout the real estate industry over the last year, but many investors have been waiting on the sidelines until there is a complete set of federal regulations before deploying money into underserved areas. The Internal Revenue Service sought feedback in creating the regulations at a five-hour hearing Thursday, …
Wharton University of Pennsylvania The $1.5 trillion Tax Cuts and Jobs Act, signed into law in December 2017, was the subject of heated debate about who mainly benefited from the tax overhaul. But buried in the plan was a provision that The New York Times called “the first new substantial federal attempt to aid [struggling] communities in more than a decade.” The …
Incentive has drawn significant attention since tax reform; Majority of agency employees remain furloughed An IRS hearing on the highly anticipated opportunity zones tax break has been postponed indefinitely, dealing a blow to investors seeking answers on how to cash in on the new incentive. The IRS announced (REG-115420-18) on Jan. 7 that the public hearing, originally scheduled for Jan. …
By Jordan Rose and Dan Gauthier | Rose Law Group As you have read, Opportunity Zones are a federal community development program enacted as part of the Tax Cuts and Jobs Act, with the primary purpose of incentivizing long-term investment in zones set aside by each state. Arizona has 168 Opportunity Zones, designated by Governor Ducey and certified in April. …
By Conor Donohue | CaliberCo With the recent buzz surrounding the “Opportunity Zones” section of the Tax Cuts and Jobs Act of 2017 reports have flooded in highlighting the tax advantages and intricacies of how the program works. While it is no secret that this is one of the greatest capital gains tax reduction programs of a generation, less …
AZBigMEdia With $5 trillion of investable capital sitting on the sideline and not being put into projects across the U.S., opportunity zones – created by the Tax Cuts and Jobs Act – are a way to take advantage of a tax reduction and invest in local communities. Caliber – The Wealth Development Co., on Wednesday hosted a tour of …
By Steve Bertoni | Forbes Success Street in North Charleston, South Carolina, might be the most misnamed place in America, a path through a weedy, desolate neighborhood with 20% unemployment and a 40% poverty rate. Its biggest claim to fame strolls past the gritty brick apartment buildings and tumbledown bungalows on a muggy morning in late June: Timothy Scott, a …
By Wayne Schutsky | East Valley Tribune IRS approval of 18 “opportunity zones” in the East Valley earlier this month are designed to promote economic development in low-income areas. The IRS awarded the designation to census tracts with indicators of poverty and income levels below the area median. Under the law, a census tract must have a population where at …
By Jordan Rose and Dan Gauthier, Rose Law Group Jordan can be reached directly at jrose@roselawgroup.com or 480-505-3939 Included in the Tax Cuts and Jobs Act passed in December 2017 was a seldom-discussed section purporting to spur investment through tax incentives in low-income communities across the United States. Under this section, governors may nominate qualifying census tracts in their respective …
By Howard Fischer, Capitol Media Services | Tucson.com A select group of census tracts around Arizona is going to get what could be a crucial economic boost later this month. A provision buried deep in the new federal tax law allows governors to designate some areas as eligible to become “opportunity zones.” What’s significant is those that end up on …
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