November 7, 2018
Proposed Regulations for Opportunity Zone Incentive Program Released
A tax incentive for those who invest in designated Opportunity Zones is not an entirely new concept; states have been using similar incentives for years as a way to boost local economies. However, until recently, there had not been a Federal incentive of the type. President Trump passed the first Federal Qualified Opportunity Zone (QOZ) tax credit as part of the Tax Cuts and Jobs Act (TCJA) in December of 2017. This incentive was a last-minute measure added to the legislation, and it is often left out of the conversation when discussing the TCJA. However, QOZs provide investors tax-saving advantages that we should not overlook. Recently, the IRS released proposed regulations clarifying details of the incentive program, and these regulations can help make taxpayers comfortable with their investment decisions.
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