Late last week, the U.S. Treasury Department and IRS issued the first set of proposed regulations interpreting the use of Opportunity Zone Tax Incentive Planning. The purpose of Opportunity Zones is to generate investment in low income and economically distressed areas in every State by encouraging investors to re-invest their capital gains into these areas with incentives such as tax-savings and future potential tax benefits. For more on what Opportunity Zones Tax Planning is, click here to read my last blog post.
To further aid anyone interested in Opportunity Zone Tax Planning, the IRS has also updated their FAQ section on their website. To see those FAQ's click here to be redirected to the IRS's website. Over the upcoming months, the Treasury and IRS will provide further details on Opportunity Zone Tax Planning.