Opportunity Zone Program
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What is a Qualified Opportunity Fund?
The Opportunity Zone Program was enacted as part of the Tax Cuts and Jobs Act of 2017 as is the first new economic development tax incentive program since the New Market Tax Credits Program was enacted in 2000. In general the program provides significant tax incentives to private investors in order to drive long term capital into low-income communities.
A key player behind the Opportunity Zone Program was the Economic Innovation Group, which is a bi partisan research and advocacy organization. Collaborating with the house and senate, they helped design the Investing in Opportunity Act, legislation authored by Senators Tim Scott (R-SC) and Cory Booker (D-NJ) and Representatives Pat Tiberi (R-OH) and Ron Kind (D-WI). This legislation had broad bipartisan support and became the basis for the Opportunity Zones provision.[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]
How does Opportunity Fund investing work?
An investor who has triggered a capital gain by selling an asset like stocks or real estate can receive special tax benefits if they roll that gain into an Opportunity Fund within 180 days. There are three primary advantages to rolling over a capital gain into an Opportunity fund:
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