Prior to the Tax Cuts and Jobs Act of 2017, no incentives for investments in opportunity zones had been contained in existing tax law. In this regard, the act continues a successful history of using tax code to spur investment and interest in communities that need it. It also goes further than other laws and provisions, according to attorneys Nicole Elliott and Kristin DeKuiper, because it can uniquely be used to fund a larger variety of businesses and projects and it has no limits in the amount that can be channeled into these businesses and projects.
Ms. Elliott and Ms. DeKuiper specifically focus on the advantages of the new opportunity zones program in Indian Country for an article written with a geography professor for Law360. In it, the co-authors explain the new terms and how Native American tribes can benefit from qualified opportunity zone property.
They also advise that although there is a lot of excitement surrounding the new tax law, there remain a lot of unknowns on how it should and will be interpreted and implemented; further legal guidance from the Internal Revenue Service (IRS) and the Treasury Department to taxpayers and those who want to harness the potential of opportunity zones is necessary.
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