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Opportunity Zones And Presidential Executive Orders

Through our executive search services division we have many high net-worth clients and corporations focused on Opportunity Zones. We believe it all started with President Trumps Executive Orders that we posted as a report that identified what each of these executive orders really are. You can get a Copy of our Research as it took us a couple of weeks to identify all the code sections and what it really meant. President Trump and HUD Secretary Ben Carson have worked tirelessly to revitalize and create jobs through Opportunity Zones.

According to the National Conference State Housing Association,

President Donald Trump signed an executive order creating the White House Opportunity and Revitalization Council. The group, chaired by U.S. Department of Housing and Urban Development (HUD) Secretary Ben Carson, includes representatives from 13 federal agencies. The Council will coordinate federal efforts relating to Opportunity Zones and work to prioritize such neighborhoods for grant funding, loan guarantees, infrastructure spending, and other federal initiatives.
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Written by TaxConnections Admin | Posted in Opportunity Zone Program • Opportunity Zones FAQs

Q. What is an Opportunity Zone?

A. An Opportunity Zone is an economically-distressed community where new investments, under certain conditions, may be eligible for preferential tax treatment. Localities qualify as Opportunity Zones if they have been nominated for that designation by the state and that nomination has been certified by the Secretary of the U.S. Treasury via his delegation of authority to the Internal Revenue Service.

Q. How were Opportunity Zones created?

A. Opportunity Zones were added to the tax code by the Tax Cuts and Jobs Act on December 22, 2017.

Q. Have Opportunity Zones been around a long time?

A. No, they are new. The first set of Opportunity Zones, covering parts of 18 states, were designated on April 9, 2018. Opportunity Zones have now been designated covering parts of all 50 states, the District of Columbia and five U.S. territories.

Written by IRS | Posted in Opportunity Zones FAQs • TaxConnections