New IRS Deadlines for Opportunity Zones: What Investors Should Know

The IRS has just given opportunity zone (OZ) investors and the funds they invest in some additional time to meet the program requirements for its first few tax years. The Opportunity Zone Program was created as part of the 2017 Tax Cuts and Jobs Act and provides significant capital gains delays and forgiveness to investors in the more than 8,000 census tracts across the country deemed economically distressed. Since then, billions of funds have poured into qualified opportunity funds (QOFs), the investment vehicles created to put the money to work.