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To print this article, all you need is to be registered or login on Mondaq.com. Tax Facts is the newest podcast from Buchanan Ingersoll & Rooney all about the world of tax law and new changes that affect businesses and investors alike. On our first episode, Lisa Starczewski and Lafe Metz of Buchanan Ingersoll & Rooney discuss the world of Opportunity Zones, important deadlines for the program, and what the future holds for this valuable tax-incentive-laden investment tool. Lisa Starczewski is a shareholder at Buchanan and chair of the firm s Tax section as well as its Opportunity Zones Team. Lafe Metz is also a shareholder at Buchanan and chair of the firm s ....
To print this article, all you need is to be registered or login on Mondaq.com. Tax Facts is the newest podcast from Buchanan Ingersoll & Rooney all about the world of tax law and new changes that affect businesses and investors alike. On our first episode, Lisa Starczewski and Lafe Metz of Buchanan Ingersoll & Rooney discuss the world of Opportunity Zones, important deadlines for the program, and what the future holds for this valuable tax-incentive-laden investment tool. Lisa Starczewski is a shareholder at Buchanan and chair of the firm s Tax section as well as its Opportunity Zones Team. Lafe Metz is also a shareholder at Buchanan and chair of the firm s ....
Introduction On January 19, 2021, the IRS published guidance in Notice 2021-10, extending critical deadlines and rules relating to investments in qualified opportunity zones. First, any investors facing a deadline between April 1, 2020, and March 31, 2021, to invest their qualified capital gains in a qualified opportunity fund (“QOF”) now have until March 31, 2021, to invest those gains. Second, for purposes of the “substantial improvement,” requirement whereby QOFs or Qualified Opportunity Zone Businesses (“QOZB”s) must “double the basis” of property within any 30-month period in order for it to be qualified opportunity zone business property (“QOZBP”), the entire period from April 1, 2020 to March 31, 2021, is disregarded – the 30-month improved period is tolled during that period. Third, All QOFs having a testing date between April 1, 2020, through June 30, 2021, for the requirement that 90% of its assets be invested in qualified opportunity zone prope ....
But last year, when Angeline Johnson arrived in Wichita, Kansas, as a FUSE executive fellow tasked by the City Manager’s Office with encouraging equitable investment in Opportunity Zones (OZs), she discovered that some residents in northeast Wichita had mobilized to share concerns about their OZ designation. “There was a legitimate fear of gentrification and displacement,” Johnson said. The value of OZs to underserved communities has come under scrutiny. Attempting to track the program’s community impact, the Urban Institute released an early assessment recently that identified several issues. The most glaring, said Jorge González, a research analyst in the Metropolitan Housing and Communities Policy Center at the Urban Institute, is that the federal government offers no guidelines on which projects receive the incentive, apart from the exclusion of a few “sin” businesses (such as liquor stores and facilities used for gambling), while limited oversight and li ....