OZones In Action — The Latest Update on How Opportunity Zones are Saving Taxes and Reshaping America

Sullivan Tax Briefing (4:00 – 5:45 p.m.)
Sullivan Conference Center, Boston, MA
November 13, 2019

This Seminar gave attendees the latest update on how Opportunity Zone tax incentives, first enacted in the 2017 Tax Act, are beginning to gain real traction and result in major investments throughout the United States in designated areas called Qualified Opportunity Zones (QOZ).

The law got off to a slow start, due to its complexity and ambiguity in the drafting. However, two rounds of proposed regulations have provided guidance that is clear enough for participants to get off the sidelines and actually begin implementing transactions, ranging from small start-up businesses located in Opportunity Zones, to major real estate construction projects and even large fund formations.

This panel provided an up to date report on the status of Ozones ranging from technical issues to practical implementation, as various sophisticated parties have thus far overcome the obstacles and have implemented (or are in the process of implementing) successful QOZ projects. The investment size ranges from hundreds of thousands of dollars to hundreds of millions, and all enjoy exciting benefits provided by the OZ Act, including deferral of capital gain until December 31, 2026, reduction of deferred gain, and, best of all, the ability to have investments held for more than 10 years be eligible for sale and have a zero tax rate on the exit!

Our panel of experts provided a wide range of skills, from tax structuring advice to practical implementation, and will happily field questions during and after the program.

Panelists:

John Balboni, Sullivan & Worcester — Moderator
Joseph B. Darby III, Sullivan & Worcester
John Gahan, Sullivan & Worcester
Nicholas Ratti, CohnReznick
Carlos Febres-Mazzei, Quaker Lane Capital

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