Included with the 2017 Tax Cuts and Jobs Act, P.L. 115-97, 131 Stat. 2054, that amended the Internal Revenue Code of 1986 is the Investing In Opportunity Act (the “Act”). It is codified at 26 U.S.C. 1400Z-1 (Section 1) through 1400Z-2 (Section 2). The Act provides the framework for the redeployment of capital gains to be invested in designated Qualified Opportunity Zones to foster economic revitalization. On October 19, 2018 the United States Treasury Department issued proposed first-round regulations to provide clarification to many of the undefined terms in the Act and to encourage investors to invest their capital gains in Qualified Opportunity Funds for use in Qualified Opportunity Zones.
- Brent T. Carney, Esq. has written an article entitled The Investing In Opportunity Act, which is included in this response and appears on our firm’s website.
- Mr. Carney has also written a letter to the Internal Revenue Service entitled Response to Solicitation for Written Public Comment – Proposed Regulations Promulgated pursuant to 26 U.S.C. SEC. 1400z-2 Definition of “Original Use”, dated December 28, 2018, a copy is also included in this response.
- Mr. Carney will be attending the IRS public hearing in Washington, D.C. scheduled for February 14, 2019 regarding proposed regulations governing the investment of Qualified Opportunity Funds in Qualified Opportunity Zones.
- Mr. Carney will be speaking at the New Jersey Future Redevelopment Forum 2019 on March 8, 2019 on “Finding the Opportunities in Opportunity Zones.” This will be held at the Hyatt Regency, New Brunswick, NJ.