September 21, 2020

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Final Opportunity Zone Regulations

The Internal Revenue Service issued final regulations for the Opportunity Zone incentive program yesterday.

The eagerly awaited regulations offer clarity on gain and investments eligible for the program and requirements for establishing Qualified Opportunity Funds, Qualified Opportunity Zone Businesses, and Qualified Opportunity Zone Business Property.

The final regulations are available at https://www.irs.gov/pub/irs-drop/td-9889.pdf. The IRS also released a contemporaneous FAQ document available at https://home.treasury.gov/news/press-releases/sm864.

The Opportunity Zone incentive program allows taxpayers to defer and potentially eliminate capital gains invested in Qualified Opportunity Funds that, in turn, invest in certain economically-distressed communities.

© 2020 Jones Walker LLPNational Law Review, Volume IX, Number 354

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Aileen Thomas, Banking Attorney, Jones Walker Law Firm
Partner

Aileen Thomas is a partner in the firm's Business & Commercial Transactions Practice Group in the Jackson office and a member of the firm's board of directors. As a bond attorney, Ms. Thomas regularly serves as bond, underwriter, and trustee counsel for a myriad of clients, including non-profit and public hospitals, institutions of higher learning, local school districts, and national and regional investment banking firms. In addition to her public finance practice, Ms. Thomas assists clients with large economic development and expansion projects, and is actively...

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Jonathan Katz Federal Tax Attorney Jones Walker
Partner

Mr. Katz is a partner in the firm's Tax & Estates Practice Group. Mr. Katz' practice focuses predominately on federal taxation, with a particular focus in federal and state new markets tax credit and historic rehabilitation tax credit transactions. In addition to his tax credit practice, his federal tax practice includes estate planning and administration, federal alcohol excise tax compliance, nonprofit formation and compliance, S corporation compliance, and business organizations.  

In his tax credit practice, Mr. Katz represents institutional investors, project developers, lenders, community development entities (CDEs), and nonprofit organizations in projects that utilize a combination of various tax credits and other financing sources to fund industrial projects, operating businesses, mixed-use, commercial and residential real estate developments, and hotels. He also has significant experience financing public and quasi-public facilities with various state and federal tax incentives. Mr. Katz has represented investors, CDEs, and project developers in more than 60 federal and state new markets tax credit and historic rehabilitation tax credit transactions. 

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Michael C. Seibert Tax Attorney Jones Walker Law Firm
Associate

Michael practices across a broad range of tax matters including employee benefits, estate planning, nonprofit formation and compliance, and federal and state and local tax compliance.

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