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Qualified Opportunity Zones Update

The Treasury Department recently released a second round of proposed regulations clarifying certain requirements for investments in Qualified Opportunity Funds (QOFs).  The proposed regulations are designed to encourage development in economically distressed communities and provide flexibility and certainty for investors and funds that invest in Qualified Opportunity Zones (QOZs).

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Treasury Issues Guidance on Qualified Opportunity Zone Tax Incentive

Treasury recently released Proposed Regulations providing guidance to those looking to qualify for the new Qualified Opportunity Zone (“QOZ”) tax incentives created by the Tax Cuts and Jobs Act of 2017 (“TCJA”). Congress created this new tax incentive to encourage investments in certain low-income communities that have been designated as “Qualified Opportunity Zones.” In sum, the QOZ rules allow a taxpayer to defer tax on the gain from the sale of property if, within 180 days, the taxpayer invests in a Qualified Opportunity Fund (“QOF”).

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