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IRS releases regulations for Opportunity Zone Program

opportunity zone program

It’s an exciting time for real estate investors, as the IRS announced proposed regulations for the highly anticipated Opportunity Zone Program.

The program aims to spur development in lower-income areas, including 86 zones in southwestern Pennsylvania, by allowing investors facing a hefty capital gains tax bill to contribute the cash equivalent of the gain to an Opportunity Fund, which in turn invests that money in businesses and properties in the approved areas.

The next steps in the program’s implementation include a notice and comment process to gauge public sentiment, with money expected to flow into projects by mid-2019.

Please check the Meyer, Unkovic & Scott website for a longer-form article on this topic in the coming months.

June Swanson, JFS@MUSLAW.com, and Kevin F. Israel, KFI@MUSLAW.com, Meyer, Unkovic & Scott

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