The firm concentrates in providing advice regarding designated Qualified Opportunity Zones and the recent Department of Treasury / IRS regulations that became effective on March 13, 2020 governing the requirements of Qualified Opportunity Funds for the purpose of investing in Qualified Opportunity Zone property.
The Investing in Opportunity Act, 26 U.S.C. sec. 1400Z-1 through sec. 1400Z-2 (the “Act”) was included in the 2017 Tax Cuts and Jobs Act, P.L. 115-97, 131 Stat. 2054, that amended the Internal Revenue Code of 1986. The Act provides the framework for the redeployment of capital gains to be invested in designated Qualified Opportunity Zones to foster economic revitalization and authorized the Secretary of Treasury to promulgate regulations necessary to carry out the purposes of the Act.
Brad Carney, Esq., a partner of the firm, participated in both public rounds of the draft Qualified Opportunity Fund regulations by providing written comment and appearing before and speaking at the Department of Treasury and IRS public hearings prior to the Qualified Opportunity Fund regulations becoming finalized. He has spoken extensively on the topic during panel discussions at three national webinars sponsored by the Redevelopment Institute, where Mr. Carney is also an Advisory Board Member, and as a panelist for the 2019 New Jersey Future Redevelopment Forum and the 2020 New Jersey Planning Conference.
Qualified Opportunity Zones resources:
- “Opportunity Zones: What Happens Next?”
- “Is There Opportunity in Opportunity Zones?”
- “Opportunity Zones Beyond the Numbers”
- “Aligning the Stars in Opportunity Zones”
- “Finding the Opportunities in Opportunity Zones”
- Public comment letter to the Department of Treasury and IRS (Dec. 2018 and May 2019)
- “The Investing in Opportunity Act” (October 2018)