The IRS has now certified and designated Qualified Opportunity Zones (QOZs) in every state, five possessions, and the District of Columbia. A map and list of all designated QOZs can be found here. For more information on the QOZ program's tax incentives, see our e-alerts, "Permanent or Temporary Deferral of Tax on Gains: Opportunity Zones" and "IRS Allows Self-Certification of Qualified Opportunity Funds," as well as our more comprehensive "Primer on Qualified Opportunity Zones," originally published in Tax Notes and State Tax Notes on May 14.
Taxpayers may elect to defer some or all of the tax on gain rolled over to a Qualified Opportunity Zone Fund by including a completed IRS Form 8949 with a timely filed (or, for 2017, an amended) federal income tax return. You can find the IRS FAQs on Opportunity Zones here.
Ballard Spahr will continue to monitor guidance from the IRS on Opportunity Zones. For additional advice about QOZ tax incentives and investments, please contact Wendi L. Kotzen, Linda B. Schakel, or Adam S. Wallwork.
Copyright © 2018 by Ballard Spahr LLP.
(No claim to original U.S. government material.)
All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, including electronic, mechanical, photocopying, recording, or otherwise, without prior written permission of the author and publisher.
This alert is a periodic publication of Ballard Spahr LLP and is intended to notify recipients of new developments in the law. It should not be construed as legal advice or legal opinion on any specific facts or circumstances. The contents are intended for general informational purposes only, and you are urged to consult your own attorney concerning your situation and specific legal questions you have.