Highlighted below are some additional resources to help you optimize the opportunities in Opportunity Zones.
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On December 19, 2019, the U.S. Treasury Department and the IRS issued final regulations implementing the Opportunity Zones tax incentive. Opportunity Zones, created by the Tax Cuts and Jobs Act, offer capital gains tax relief for investments in economically distressed areas. Click below for the press release and link to the regulations.
Learn more about Opportunity Zones through the Economic Innovation Group’s fact sheet that highlights the incentives for investing in low-income communities.
On April 17, 2019, the Treasury Department released a second set of proposed regulations relating to the operation of Qualified Opportunity Zones (QOZs) and Qualified Opportunity Funds (QOFs). While several key questions remain, the regulations remove many of the most significant hurdles that have held back investment since Opportunity Zones became law, especially for investment into new and expanding operating businesses in designated communities nationwide.
The U.S. Department of the Treasury has 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—but only a first step.
It’s official. The national map of Opportunity Zones is now in place. On June 14th, the Department of the Treasury certified the final round of states’ nominations, bringing the total number of qualified census tracts to more than 8,700 across all states, territories, and the District of Columbia.
On 6/24/2021, DECD hosted a webinar discussing 1031 Exchange vs. Opportunity Zone Tax Benefits.
It featured an Overview of the Opportunity Zone Program in Connecticut – from Alexandra Daum, Deputy Commissioner and Chief Investment Officer, DECD, State of Connecticut; and a presentation shared by D. Robert Morris, Member, Pullman & Comley, LLC, Chair, Tax Practice and Michael J. Andreana, Member, Pullman & Comley, LLC, Co-chair, Public Finance Practice - to help explain both the 1031 Exchange and the Opportunity Zone Program - focused squarely on the pros and cons of each and how investors can determine the proper fit for their real estate investments.
On March 3, 2021, DECD hosted a webinar discussing best practices and resources for preparing and presenting priority projects in Opportunity Zone to potential investors / developers.
It featured an Overview of the Opportunity Zone Program in Connecticut - from Alexandra Daum, Deputy Commissioner and Chief Investment Officer, DECD, State of Connecticut; Non Profit Perspective - from Matt Horton, Director, Milken Institute; Federal Perspective - from Erich Yost, Management Analyst (Community Initiatives), U.S. Department of Housing and Urban Development in the Office of Field Policy and Management in the Los Angeles Field Office; The Large Fund Investor Perspective - from Sheldon Powell, Vice President of Development and Partnerships, Sola Impact; The Large Lender Perspective - from Alex King, Director, Asset Management, Nuveen; Economic Development Organization Perspective - from Gil Keinan, Managing Director, Local Equity
On Dec. 15, DECD hosted a webinar covering: - What are Qualified Opportunity Zone Businesses? - How Can Opportunity Zones be Utilized by Businesses & VCs? - Models for Investment and Partnership Speakers
It featured an Overview of the Opportunity Zone Program in Connecticut by Alexandra Daum, Deputy Commissioner and Chief Investment Officer, DECD, State of Connecticut; Legal and Tax Considerations presented by Debbie Klis, Partner, Rimon Law; and, the Fund Perspective Brian Philips, Managing Partner, The Pearl Fund.
Watch the recording View the slides (pdf)
On June 25th, the Economic Innovation Group hosted a webinar on strategies for community-led Opportunity Zones investments, with representatives from the Washington State Department of Commerce, the National Development Council (NDC), the Emerald Coast Opportunity Zone, and the North Star Opportunity Zone. A recording of the webinar can be found here.
On May 8th, the Economic Innovation Group hosted a webinar on the second round of proposed Opportunity Zones regulations published by Treasury and IRS last month. EIG’s initial analysis of the regulations can be found here, and a recording of the webinar can be found here.
On March 29th, the Economic Innovation Group hosted a webinar highlighting Opportunity Zones for Local Governments. A recording of the webinar can be found here.