ORLANDO, FL – January 8, 2020 – In the Corporate Counsel Business Journal article "Windows of Opportunity," Tucker Thoni is interviewed on opportunity zones and potential updates as we enter the new decade.
There are many existing challenges financial institutions should understand to capitalize on tax incentives offered by the Tax Cuts and Jobs Act of 2017. Particularly, Thoni explains what kinds of investments qualify as "opportunity zones," top regulatory and reporting considerations for those seeking to invest in opportunity zones, how opportunity zones relate to the Community Reinvestment Act (CRA) and what unique challenges financial institutions might face when investing.
According to Thoni, the 2017 Tax Cuts and Jobs Act established the Qualified Opportunity Zone program to provide tax incentives for private, long-term investment in economically distressed communities. These "opportunity zones" are designed to spur economic development and job creation in distressed communities throughout the United States by providing tax benefits to investors who invest eligible capital gains into these communities.
You may read the complete article here.