H.R. 1 (the Tax Cuts and Jobs Act) was signed into law on December 22, 2017.
The Opportunity Zones Program (Sec. 13823) provides tax incentives for qualified investors to re-invest unrealized capital gains into low-income communities throughout the state, and across the country. Low-income census tracks are areas where the poverty rate is 20 percent or greater and/or family income is less than 80% of the area’s median income.
- Investing in Opportunity Act
- H.R. 1 – Sec. 13823 contains the amendment for “Subchapter Z – Opportunity Zones”
- 115th Congress (2017-2018) H.R.828 – Investing in Opportunity Act
On October 19, 2018, the U.S. Department of the Treasury issued proposed regulations on the Opportunity Zones tax incentive and the operation of Opportunity Funds. This guidance is a significant first step that will help unlock market activity and economic impact in Opportunity Zones.
Stakeholders have until December 28, 2018 to submit comments on the proposed regulations, and Treasury and the IRS intend to hold a public hearing on January 10, 2019.
For more information and program updates, please contact Ashley Tison at :(704) 755-5145.