Opportunity Zones
BREAKING NEWS
IRS releases Opportunity Zone Rules
Late last week, the Internal Revenue Service (IRS) released the initial regulations governing the establishment and tax implications of opportunity zones. While the rules are voluminous and technical, Forbes has presented a comprehensive review of the practical applications. Check out their analysis.
BACKGROUND
In 2018, Congress passed the Tax Cuts and Jobs Act (TCJA) creating the Opportunity Zones program to increase investment in economically distressed communities. The program provides preferential capital gains treatment for investments within designated low-income census tracts. Policymakers hoped that opportunity zones would unleash investment in low-income communities throughout the country.
Governors were directed to identify sites in their state for the program. Many submitted thousands of individual sites with the hope of getting a percentage approved. In North Carolina, 252 sites are authorized for participation in this program.
This page is intended to serve as a resource platform for REALTORS®, their clients, and other interested persons. It will be updated as more information becomes available.
WHAT DOES THIS PROGRAM LOOK LIKE IN NORTH CAROLINA?
With 252 sites spread from the mountains to the coast, North Carolina’s program is expansive in its potential. The North Carolina Department of Commerce serves as the lead agency for the program and is coordinating with local economic development organizations across the state.
NC Department of Commerce: Opportunity Zones Program
NC REALTORS® WEBINAR SERIES: OPPORTUNITY ZONES
Webinar #1 with Jessica Clancy from PriceWaterhouseCoopers (January 31, 2019)
RESOURCES
- NAR Resource Page: “Qualified Opportunity Zones”
- Tax Foundation: “Opportunity Zones: What We Know and What We Don’t”
- Federal Reserve Bank of Richmond: “Opportunity Zone Resources”
