Holland & Knight's Opportunity Zones Team can help investors, fund managers and Opportunity Zone Businesses realize the full benefits of the new Opportunity Zones program presented by H.R. 1, the tax reform bill passed by Congress and signed into law in December 2017.
Our attorneys have studied the new program since its inception. We have the knowledge to help you and your company get the maximum value out of Opportunity Zones benefits, which are designed to encourage community development in economically distressed communities that are designated by each of the 50 states as well as U.S. territories.
Holland & Knight provides valuable counsel in putting together all the pieces of the Opportunity Zones puzzle. We ensure that our clients are complying with the rules regarding this new program, as such rules evolve. Our team can help decipher terms such as "Qualified Opportunity Fund" and "Qualified Opportunity Zone Property" and "Qualified Opportunity Zone Business" so that our clients can focus on making the most of their investments – and enjoy the full range of related tax incentives and economic benefits. For Opportunity Zone Businesses, we can help you structure a business in an Opportunity Zone that can qualify for an Opportunity Zone investment.
We believe that Opportunity Zones can be combined with other incentives for investment in distressed communities. These incentives include programs such as the New Markets Tax Credit (NMTC), Low-Income Housing Tax Credit (LIHTC) and historic rehabilitation tax credit – programs with which our attorneys have extensive experience and familiarity. Holland & Knight lawyers can guide investors, fund managers and the owners of Opportunity Zones Businesses in organizing investments that meet the requirements for various incentives.
Our Opportunity Zones Team, which includes a former member of the senior executive team at the Internal Revenue Service (IRS), has extensive contacts and relationships at the IRS and U.S. Department of the Treasury, the federal agencies tasked with implementing guidance for this new program. We stand ready to advocate for clients to ensure guidance that embodies the intent of Congress and encourages investment in underserved communities, including the full range of incentives for investors, fund managers and Opportunity Zone Businesses that support such investments.
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