What are opportunity zones?
Opportunity zones are the economically distressed areas across the US designated for investments. Taxpayers can make opportunity zones investments while enjoying certain tax benefits. Typically, a community can qualify as an opportunity zone if the state means it. Then, the nomination needs to be certified by the Secretary of U.S. Treasury. Opportunity zones are added to the tax code by the Tax Cuts and Jobs Act (2017).
For how long are opportunity zones available?
The opportunity zones are new, with the first opportunity zones being designated in 2018. Back then, only 18 states established such opportunity zones, but today there are zones available across all 50 states.
What is the main aim of opportunity zones?
Opportunity zone investments represent powerful economic tools. They are specifically designed to attract new investments and encourage economic growth and job creation in these distressed communities. Furthermore, opportunity zones offer many tax benefits to investors. They can defer tax on any prior gains invested in a Qualified Opportunity Fund.
About QOF-
THE Qualified Opportunity Fund- a QOF is an investment tool designated either as a corporation or a partnership with the main aim of making investments in eligible properties located in a Qualified Opportunity Zone. Investors are not required to live in an opportunity zone. They don’t have to reside, work, or have a business there. All they need to do is invest a gain in a QOF, and ten choose to defer tax on that specific gain.
At Martin LLP, you will receive all the assistance you need to maximize the benefits of your opportunity zone incentive. The team of experts assists fund managers, investors, community development professionals, and opportunity zones business owners in getting the best out of their investments. The experts are highly skilled and knowledgeable regarding this investment program. They also have the experience to assist developers in navigating the requirements of these programs and ensure that investors meet all the Opportunity Zone program requirements. Get the counseling you need from experts who can prove an extensive history of working on many opportunity zone investment projects.
Dubb
