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Funds Flood OZs As Program Faces Possible Rule Changes The tax policy adjustments proposed by President Joe Biden in April as part of the administration s $1.8 trillion spending package included plenty of potentially bad news for commercial real estate. For now, the industry is most focused on changes like a hike in the effective tax rate for high earners, the end of tax breaks on carried interest, and curbing the benefits of 1031 exchanges. But there was one remaining bright spot for CRE. The major tax break offered by opportunity zones still isn t slated for elimination or reduction. And while the administration is still mum on its plans for OZs, the program s exclusion from that list of tax adjustments has caught the attention of investors, according to OZ experts. ....