The IRS and Treasury have released proposed regulations and guidance for the Opportunity Zone program introduced as part of the 2017 Tax Act. The Opportunity Zone program offers significant tax incentives (including gain deferral and partial exclusion) to investors who make qualified investments of capital gains in Opportunity Zones — i.e., the low-income urban and rural communities that were designated as Opportunity Zones earlier this year. The program encourages long-term, patient private capital to invest in eligible low-income rural and urban communities, called Opportunity Zones, all across the United States – including right here in Richmond and throughout the state. For more information, visit the IRS website to access the full text of the proposed regulations and Revenue Ruling 2018-29.
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