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New Opportunity Zone Rules Now In Effect
Changes to Opportunity Zone Rules
According to the Economic Innovation Group, qualified opportunity zones (QOZs) – an economic development tool designed to spur economic investment in distressed communities by providing tax breaks to investors – were the first federal development program to use capital gains tax incentives to drive investment in designated low-income areas.
Designed to bolster and refine the opportunity zone program – originally created as part of the 2017 Tax Cuts and Jobs Act – the recently enacted One Big Beautiful Bill Act (“OBBBA”) makes six significant changes to QOZ rules.
While these changes were designed to make the OZ program more effective and drive more investment in underserved communities, the increased reporting requirements may pose challenges.
Our partner Phil Jelsma, chair of our tax practice group, details the changes to the QOZ rules in a recent article published in The Los Angeles Daily Journal and The Daily Transcript.
The full article can be read in the Daily Journal here and in The Daily Transcript here (subscriber only).
Phil Jelsma is a partner and chair of the tax practice group at Crosbie Gliner Schiffman Southard & Swanson (CGS3) – a San Diego-based commercial real estate law firm with offices in Los Angeles. He is recognized as a leading joint venture and tax attorney with a 30-year background in real estate exchange transactions, syndications, nonprofit corporations and international tax planning.
About Crosbie Gliner Schiffman Southard & Swanson LLP (CGS3)
CGS3 is a recognized leader among a new generation of commercial real estate law firms with practice areas covering the entire commercial real estate life cycle, including finance, acquisition/disposition, entity formation, tax, development, land use, leasing, distressed asset workouts and dispute resolution. Earning a reputation as one of California’s leading commercial real estate law firms, CGS3 continues to recruit some of the state’s top real estate attorneys from both large corporate firms and senior in-house positions. For more information, visit http://www.cgs3.com.