No Written Plan Relief May Stymie Opportunity Zone Projects
Joseph Darby was quoted in the article, "No Written Plan Relief May Stymie Opportunity Zone Projects," which was published by Law360 [sub. req.] on June 10, 2020.
In the article, Jay discusses concerns his QOZ clients are facing after the IRS extension of opportunity zone deadlines to provide relief to projects facing delays due to COVID-19. The lack of guidance on amendments to written plans may jeopardize projects that need to suddenly change course.
Jay has several clients who want to change their written plans due to unforeseen challenges but worry that changing the plan will result in disqualification from the opportunity zone program's tax benefits. Many are holding off until more guidance is issued or more is known about what the IRS will decide or what the business climate will look like six months from now.