Tax Pros Excited About Opportunity Zones But Want Clarity
For a Law360 article about the Trump Administration's Tax Cuts and Jobs Act's opportunity zone program, Partners Kristin DeKuiper and Nicole Elliott expressed their knowledge about the tax incentives and other policy stipulations of the program.
“There is tremendous potential and interest from a variety of groups who may want to make investments with this vehicle,”Ms. DeKuiper stated. “The question is how all of this will play out, because there are still some things that need to be clarified by the IRS so it can work.”
Ms. Elliott said the opportunity zones are chosen based on census tracts. After "low-income communities" were defined and identified, each state was allowed to nominate 25 percent of its qualifying communities to the opportunity zone program. She expects that the U.S. Department of Treasury will release the full list of the designated zones soon.