The Tax Cuts and Jobs Act passed December 2017. Within the act was the creation of the Qualified Opportunity Zones (QOZ’s). This was created to help encourage economic growth and job creation in distressed communities. through tax incentives, they are designed to spur economic development.
Opportunity Zones are designated covering parts of all 50 states, the District of Columbia and five U.S. territories.
Under certain conditions, they may be eligible for preferential tax treatment. To become a Qualified Opportunity Fund, an eligible corporation or partnership self-certifies by filing Form 8996, Qualified Opportunity Fund, with its federal income tax return.
We’re not going to get into the possible tax benefits in detail here. The links below will be able to help you further if you find QOZ’s interesting. We just want to open your eyes to something new.
Here are 2 links that will give you more detailed information on QOZ’s:
Please speak with your tax and/or legal advisor to see if this is right for you.