The OZ Act After COVID-19: Where We Go From Here
Sullivan hosted a complimentary, one-hour Zoom program which addressed the post-COVID-19 recovery and the role that Opportunity Zone and Code Section 1400Z-2 (OZ Act) can play in that next critical phase of our lives.
The OZ Act was originally designed to push investments into economically challenged locations throughout the U.S. The OZ Act is a natural tool for Congress to consider as it tries to help the country, and especially small businesses, recover from the devastating effects of the COVID-19 emergency and the related government mandated shutdowns.
Our panel discussed the various legislative proposals currently before Congress that are designed to expand and enhance the use of the OZ Act as a significant part of the post-COVID-19 recovery strategy. They offered unique insights on how the OZ Act is likely to influence and shape the U.S. economy going forward.
Specific topics addressed included the following:
- Recent developments under federal and state legislation designed to promote COVID-19 Recovery
- Related changes in the OZ Act to help facilitate recovery, including deadline deferrals and other favorable accommodations to OZ investors
- The availability of capital gains following the Emergency and how such gains can be deployed successfully
- The “real” prospects of real estate in 2020 and future years
- The challenge of building and operating businesses in the “new” world of OZ investing
The panel consisted of partners from Sullivan's Opportunity Zone Group, including Ben Armour, John Balboni, Joseph B. Darby, III, John Gahan and Dan Ryan, and featured a special guest appearance by Ryan McCormick, Senior Vice President & Counsel from The Real Estate Roundtable.