You’re probably not an accountant…
…Or a lawyer.
If you are, then your eyes are probably burning.
The regulations for Section 1400Z-2 of the Tax Cuts and Jobs Act, a furthering of Section 1400Z-1, known as the “Qualified Opportunity Zone” provisions, have become a phenomenon. Everyone in development and investment sales is talking about “QOZs”.
The original language was confusing, vague, and head-scratching. So, the IRS attempted to clarify the language in October 2018. That was much better, but still head-scratching. Finally, on April 17, 2019, the IRS issued their second set of regulations on Qualified Opportunity Zones.
It was a very laborious read, to say the least.
If you’re a developer, investment sales agent, investor, or just someone interested in QOZs, here are the highlights and updates of the most recent set of regulations, in short form, for everyone who would rather enjoy the NBA playoffs or the nice weather than sit in a coffee shop on a weekend and highlight 169 pages of tax regulations, like Justin on our team did 😢.
Learn the quick facts you need to know by clicking below.
Please note, this update assumes the reader has existing general knowledge of the QOZ program or has attended one of StackSource Capital Advisor Justin Wolk’s #BLUEzy Brunch Series Engagements. If you need to understand the basics, please check out “Opportunity Zones in Under 5 Minutes”, written by Justin, by clicking here.