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Qualified Opportunity Zone Program

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The Qualified Opportunity Zones (QOZ) program, a federal incentive, was created to encourage real estate development and investment in designated low-income areas known as “Opportunity Zones.”  These census tracts may receive funding from Qualified Opportunity Funds (QOFs), which allow a wide array of investors to pool their resources to rebuild distressed neighborhoods. Low-income areas will receive a much-needed injection of capital; developers and investors can receive deferred capital gains.

Census tracts qualify as Opportunity Zones if they have been nominated for that designation by the state; and if that nomination has been certified by the Secretary of the U.S. Treasury via his delegation of authority to the Internal Revenue Service. Each state has designated Qualified Opportunity Zones. These tracts must either be located within or be contiguous with a low-income community.

Real Estate Developers

Real estate development is a natural focus for the QOZ program. Given the valuable tax incentives available to investors and the expected investor demand for real estate investments under the QOZ program, the program will create financing opportunities for real estate developers and sponsors.

Our attorneys can show developers the optimum structure to set up to take advantage of the tax benefits and how to leverage the investments with programs such as New Markets Tax Credits, Pilot Increment Financing and Industrial Development Agency benefits.

Investors

Investors are eligible to receive tax benefits on capital gains invested in QOZs through special funds. Specifically, investors can receive a temporary deferral of capital gains; permanent exclusion of a portion of capital gains for investments held five to seven years; and permanent exclusion of post-acquisition gains for investments held for 10 years.

We can help investors establish a self-directed QOF or review a potential investment in a QOF

Municipalities

Communities that are designated as Qualified Opportunity Zones will benefit from the requirement that 90% of the assets in a “Qualified Opportunity Fund” must be invested in “Qualified Opportunity Zone Property,” which includes businesses and properties located in Qualified Opportunity Zones. As a result, this program should inject some much needed capital into low-income communities.

Leader(s)

Pietra Zaffram

Pietra G. Zaffram

Member
(716) 200-5112
pzaffram@HarrisBeach.com

Team

Michael Curti

Michael V. Curti

Member
(914) 298-3026
mcurti@harrisbeach.com
Justin Miller

Justin S. Miller

Member
(518) 701-2710
jmiller@harrisbeach.com
Pietra Zaffram

Pietra G. Zaffram

Member
(716) 200-5112
pzaffram@HarrisBeach.com
All Insights, All Publications, Firm Seminar |
 July 26, 2019
Harris Beach Webinar Outlines Ways to Maximize Benefits of Qualified Opportunity Zones
New York state has designated 514 census tracts as Qualified Opportunity Zones. Census tracts qualify as opportunity zones if they have been...read more
All Insights, All Publications, Legal Alert |
 June 7, 2019
Treasury Releases Second Round of Proposed Opportunity Zones Regulations
On April 17, 2019, the Treasury released long-awaited additional regulations and guidance with respect to Section 1400Z-2 of the Internal Re...read more
All Insights, All Publications, Legal Alert |
 December 27, 2018
White House Opportunity and Revitalization Council to Facilitate Investment in Opportunity Zones
President Trump has established the White House Opportunity and Revitalization Council (the “Council”) by Executive Order 13853 (“Order”) is...read more
All Insights, All Publications, Legal Alert |
 October 24, 2018
IRS Issues Proposed Regulations and Guidance on Opportunity Zones
On October 19, the IRS and Treasury Department issued long-awaited proposed regulations, Revenue Ruling 2018-29 (the “Revenue Ruling”), and ...read more
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Qualified Opportunity Zone Program

Service

The Qualified Opportunity Zones (QOZ) program, a federal incentive, was created to encourage real estate development and investment in designated low-income areas known as “Opportunity Zones.”  These census tracts may receive funding from Qualified Opportunity Funds (QOFs), which allow a wide array of investors to pool their resources to rebuild distressed neighborhoods. Low-income areas will receive a much-needed injection of capital; developers and investors can receive deferred capital gains.

Census tracts qualify as Opportunity Zones if they have been nominated for that designation by the state; and if that nomination has been certified by the Secretary of the U.S. Treasury via his delegation of authority to the Internal Revenue Service. Each state has designated Qualified Opportunity Zones. These tracts must either be located within or be contiguous with a low-income community.

■ All Services

Real Estate Developers

Real estate development is a natural focus for the QOZ program. Given the valuable tax incentives available to investors and the expected investor demand for real estate investments under the QOZ program, the program will create financing opportunities for real estate developers and sponsors.

Our attorneys can show developers the optimum structure to set up to take advantage of the tax benefits and how to leverage the investments with programs such as New Markets Tax Credits, Pilot Increment Financing and Industrial Development Agency benefits.

Investors

Investors are eligible to receive tax benefits on capital gains invested in QOZs through special funds. Specifically, investors can receive a temporary deferral of capital gains; permanent exclusion of a portion of capital gains for investments held five to seven years; and permanent exclusion of post-acquisition gains for investments held for 10 years.

We can help investors establish a self-directed QOF or review a potential investment in a QOF

Municipalities

Communities that are designated as Qualified Opportunity Zones will benefit from the requirement that 90% of the assets in a “Qualified Opportunity Fund” must be invested in “Qualified Opportunity Zone Property,” which includes businesses and properties located in Qualified Opportunity Zones. As a result, this program should inject some much needed capital into low-income communities.

■ People

Michael V. Curti

Member
(914) 298-3026
mcurti@harrisbeach.com

Justin S. Miller

Member
(518) 701-2710
jmiller@harrisbeach.com

Pietra G. Zaffram

Member
(716) 200-5112
pzaffram@HarrisBeach.com

Harris Beach and its subsidiaries provide a full range of legal and professional services for clients across New York state, as well as nationally and internationally. Harris Beach is among the country’s top law firms as ranked by The National Law Journal and is among the BTI Elite law firms based on in-depth interviews of more than 600 corporate counsel at the world’s largest and most influential companies. Our clients include Fortune 100 corporations, privately-held companies, emerging businesses, public sector entities, not-for-profit organizations and individuals. Principal industries we represent include education, energy, financial, food and beverage, health care, insurance, manufacturing, medical and life sciences, real estate developers, and state and local governments and authorities.

Industry Teams
Automotive and Vehicle Dealerships
Blockchain and Digital Assets 
Cannabis
Construction and Surety
Educational Institutions Higher Ed
Educational Institutions K-12
EMS and Fire Protection Providers
Energy
Financial Institutions and Capital Markets
Food and Beverage
Health Care
Industrial and Consumer Manufacturing
Medical and Life Sciences
Municipalities and Local Agencies
Nanotechnology
Photonics
Racing and Gaming
Real Estate Developers
Science and Technology
Telecommunications and Media
Unmanned Aircraft Systems
USA Collegiate Sports
Veterinary Medicine

Practices
Alternative Dispute Resolution
Appellate
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Collection Law
Commercial Real Estate
Corporate
Cybersecurity Protection and Response
Diversity Compliance
E-Discovery (e-infoSM)
Employee Benefits
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Environmental Law
Environmental, Social and Governance (ESG)
Financial Restructuring, Bankruptcy and Creditors’ Rights
Government Compliance and Investigations
Health Law
Immigration Law
Insurance Coverage
Intellectual Property Law
International Trade Law
Internet Law
Labor and Employment Law
Mass Torts and Industry-Wide Litigation
New Markets Tax Credit
Patent, Trademark and Copyright Law
Product Liability and Comprehensive General Liability
Public Finance and Economic Development
Real Property Valuation Litigation
Residential Real Estate
Tax Law
White Collar Crime
Wills, Trusts and Estates

Consulting Services
HB Solutions LLC
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Data Privacy and Cybersecurity
Economic Development and Public Affairs
Educational Institution Assistance
EMRG® (E-Discovery Management Resources Group)
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Municipal and Local Agency Assistance

HB Cornerstone LLC
Owner Representation
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Move Management

Caetra.io
CyMetric (Cybersecurity Regulation Compliance Software)

Offices throughout New York:

Albany
677 Broadway
Albany, NY 12207
518-427-9700

Buffalo
726 Exchange Street
Buffalo, NY 14210
716-200-5050

Ithaca
119 East Seneca Street
Ithaca, NY 14850
607-273-6444

Long Island
333 Earle Ovington Boulevard
Uniondale, NY 11553
516-880-8484

New York City
100 Wall Street
New York, NY 10005
212-687-0100

Rochester
99 Garnsey Road
Pittsford, NY 14534
585-419-8800

Saratoga Springs
513 Broadway
Saratoga Springs, NY 12866
518-587-0551

Syracuse
333 West Washington Street
Syracuse, NY 13202
315-423-7100

White Plains
445 Hamilton Avenue
White Plains, NY 10601
914-683-1200

Offices also in:

New Haven, CT
195 Church Street
New Haven, CT 06510
203-784-3159

Newark, NJ
One Gateway Center
Newark, NJ 07102
973-848-1244

Washington, DC
800-685-1429

Attorney Advertising. Prior results do not guarantee a similar outcome.
© 2022 Harris Beach PLLC

Content current as of March 21, 2023 4:46 am
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