What are the Benefits of Qualified Opportunity Zones?

At the end of last year, the media and various news outlets were buzzing with information about tax reform. It was reported to be the most significant overhaul of the tax code since the mid-1980s. For individuals, it meant a reduction in tax brackets, a doubling of the standard deduction and the phase-out of several itemized deduction opportunities. For businesses, it reduced the overall tax rate to 21%, repealed AMT, expanded the opportunity to claim bonus depreciation and eliminated the opportunity to make like-kind exchanges for any asset other than real estate. While several of the tax saving vehicles were modified or eliminated there were also new opportunities created.