IRS Announces Opportunity Zone Regulations
The IRS has published the proposed tax regulations for individuals investing in Opportunity Zones.
The zones, introduced with the 2017 Tax Cuts and Jobs Act, have already been designated. To promote investment in low income areas, the IRS will defer and reduce capital gains taxes for those who reinvest the gains in the zones for a set period of time.
Investments may include businesses (industrial or retail) operating within the zone as well as residential developments. The investor does not need to be located in the zone.
All told, there are 8,761 zones throughout the U.S. and its territories that are certified by the U.S. Treasury Dept., including 879 in California. The zones are designated by Census tract.
Read the proposed regulations...
See a map of California's zones...