The IRS and Treasury Department issued proposed regulations, a revenue ruling, and related press release providing guidance for the new Opportunity Zone tax incentive program.

The Opportunity Zone (OZ) program was created by the Tax Cuts and Jobs Act of 2017. It provides for the deferral and potential elimination of gain associated with the sale or exchange of property if such gain (or a portion thereof) is invested in an OZ fund that, in turn, invests such proceeds in certain disadvantaged communities (i.e., opportunity zones). Continue reading >