Federal Qualified Opportunity Zones
- Basic Info
The Qualified Opportunity Zone distinction was created by The Tax Cuts and Jobs Act to spur economic growth in low-income communities by allowing investors to defer federal taxes by taking capital gains from other investments and investing in these designated areas. The U.S. Department of the Treasury and the Internal Revenue Service (IRS) have designated Opportunity Zones in 18 States, including 260 census tracts in the State of Georgia.
Treasury and the IRS plan to issue additional information on Qualified Opportunity Funds to address the certification of Opportunity Funds, which are required to have at least 90 percent of fund assets invested in Opportunity Zones. The IRS has posted a list of Frequently Asked Questions about Opportunity Zones and is currently working on guidance on how the Qualified Opportunity Zone benefit under IRC 1400Z-2 (including the certification of Qualified Opportunity Funds and eligible investments in Qualified Opportunity Zones) will be administered. IRS and Treasury are giving this guidance high priority for rapid issuance over the next few months.