Opportunity Zone Industry Update
The Opportunity Zone industry is getting substantial attention, as noted by the enclosed article published by the New York Times related to "Wall Street, Seeking big tax Breaks, Sets Sights on Distressed Main Streets." Obviously, OZs are receiving mixed attention given the fact that a significant amount of OZ transactions will take place in regentrified areas that are highly desirable and not necessarily distressed.
It is anticipated that the new proposed regulations should be issued by the end of March, 2019.
As a separate matter, we are still awaiting the status of state concurrency as to what states will adopt the same federal exemption in their own taxing jurisdictions.