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Articles by Linda Schakel
Commercial Appraiser-Appraisal 310.337.1973
Primer on Qualified Opportunity Zones. Primer on Qualified Opportunity Zones POSTED ON MAY 14, 2018 Adam S. Wallwork and Linda B. Schakel are attorneys in the tax and public finance groups at Ballard Spahr LLP. In this report, Wallwork and Schakel describe the nomination and designation process for qualified opportunity zones (QOZs) and how investors can profit from investments held in QOZ businesses held by qualified opportunity funds.
Update on Qualified Opportunity Zones: Second Set of Guidance Issued | JD Supra
OVERVIEW OF QUALIFIED OPPORTUNITY ZONE PROGRAM The Qualified Opportunity Zone (QOZ) program, introduced in 2017’s Tax Cuts and Jobs Act, is a new incentive program for investments in over 8,700 QOZs located in all 50 states, the District of Columbia, and the five U.S. possessions. The program’s benefits include gain deferral and gain elimination for taxpayers who roll over capital gain into a Qualified Opportunity Fund (QOF).
Update on Qualified Opportunity Zones: First Set of Guidance Issued | JD Supra
The Tax Cuts and Jobs Act introduced a new tax-incentive program known as Qualified Opportunity Zones (QOZs). In 2018, governors of all 50 states, the District of Columbia, and the five U.S. possessions designated more than 8,700 QOZs. The program's benefits include gain deferral and gain elimination for taxpayers who roll over capital gain into a Qualified Opportunity Fund (QOF).
IRS Designates Remaining Qualified Opportunity Zones | JD Supra
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IRS Allows Self-Certification of Qualified Opportunity Funds | JD Supra
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IRS Allows Self-Certification of Qualified Opportunity Funds
The IRS released Opportunity Zone FAQs on April 24 explaining that an eligible entity will be able to self-certify to become a Qualified Opportunity Fund (QOF) by filing a form (to be released this summer) with its timely filed (including extensions) federal income tax return for the taxable year. The tax benefits of investing in Opportunity Zones are available only to the extent that eligible amounts are timely invested in a QOF.
IRS Announces First Wave of Opportunity Zone Designations
The IRS inaugurated an exciting new community redevelopment program on April 9 and April 18 when it designated more than 4,800 Qualified Opportunity Zones (QOZs) in 20 states, three possessions, and Puerto Rico1. (See our e-alerts describing what tax incentives are available for investments in QOZs and how opportunity zones are nominated, certified, and designated). QOZs are economically distressed communities where taxpayers can invest on a preferential tax basis.
Permanent or Temporary Deferral of Tax on Gains: Opportunity Zones | JD Supra
The new tax law, known as the Tax Cuts and Jobs Act, allows states, the District of Columbia, U.S. possessions, and Puerto Rico to designate Qualified Opportunity Zones to encourage new capital investment in low income census tracts by allowing a taxpayer to defer eligible gain by investing in a Qualified Opportunity Zone. Each Qualified Opportunity Zone exists until the December 31 on or after the 10th anniversary of its designation. (See our e-alerts addressing and the ).
Treasury Expands “Safe Harbor” List of Opportunity Zones | JD Supra
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States Must Act Now on Opportunity Zone Tax Incentives That Target Low-Income Communities
The IRS and the Community Development Financial Institutions Fund (CDFI Fund) simultaneously released guidance yesterday on the procedure for designating population census tracts as Qualified Opportunity Zones (QOZ). States must act quickly if they want to designate any QOZs, which will be eligible for federal tax incentives designed to encourage new capital investment in those areas.
UPDATE: President Trump Signs Tax Reform Legislation Into Law Early
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GOP Tax Overhaul Saves Private Activity Bonds and Stadium Bonds, Eliminates Advance Refundings and Tax Credit Bonds
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