12.30.2020 Jenny Connors Writes on The Future of Opportunity Zone Tax Benefits for Real Estate
The opportunity zone (“OZ”) tax incentive, which was enacted as part of the Tax Cuts and Jobs Act, has been a major catalyst for real estate investment over the past three years. Initiated as a bipartisan effort for economic growth and job creation, the incentive was intended to promote long-term, private investment in America’s low-income communities. The incentive, however, has long come under criticism for failing to meet its objectives. This article includes a brief summary of the incentive’s tax benefits and its requirements for qualification, as well as a discussion of the future of OZs and foreseeable changes under the Biden administration.