One of the least-known benefits of the Tax Cuts And Jobs Act is the Investing in Opportunity Act which promises to pump a massive amount of cash into America’s most impoverished communities by offering investors and corporations the opportunity to reduce capital gains tax.This bill amends the Internal Revenue Code to authorize the designation of opportunity zones in low-income communities and to provide tax incentives for investments in the zones, including deferring the recognition of capital gains that are reinvested in the zones.
Qualified Opportunity Zones are specific geographic locations, within the United States and its territories, where investors can decrease, defer, and in some instances, completely eliminate taxes on capital gains when they invest in a property, business or business asset inside the Opportunity Zone via a Qualified Opportunity Fund.
According to a recent Forbes article, the genesis for the Opportunity Zone law traces back to entrepreneur Sean Parker searching for a way to help to turn around poverty stricken areas. He was determined to figure out a way to get wealthy investors sitting on large capital gains to invest their money in places they normally would not invest. Parker’s Economic Innovation Group focused on using tax policy to entice investors in revitalizing poor neighborhoods. Entrepreneur and venture capitalist Peter Thiel who co-founded PayPal bet Sean Parker he could not get it done. This motivated Sean Parker even more towards the creation of the Opportunity Zone tax policy. Working with an impressive team of bi-partisan leaders in the Executive Branch, Congress and the private sector, Sean Parker certainly has earned that million dollar bet by now.
Prior to investing in an Opportunity Zone, it is important to have it vetted by a knowledgeable tax expert. Highly respected, leading tax expert Blake Christian provides a series of educational articles on the Opportunity Zone Program. Blake Christian is sought after nationally by corporate executives and tax professionals alike for his deep expertise in Opportunity Zone structuring. If you want more information on Opportunity Zones tax structuring, start by reading his articles at this link. Blake Christian states Qualified Opportunity Zone investments properly structured are the very best investment opportunities he has ever seen.
According to Sortis Holdings, who offers Qualified Opportunity Zone investments, the White House Opportunity And Revitalization Council chaired by Housing and Urban Development Secretary Ben Carson seeks input from a wide range of agencies and organizations on the best ways to address Opportunity Zones. With its roots as a former bank holding company, Sortis Holdings focus is providing access for investors who want to be part of a Qualified Opportunity Fund that support the revitalization efforts of U.S. cities.
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