Overview
Our Tax Group has represented sponsors and investors in a wide range of activities generating investment tax credits and has deep expertise in guiding taxpayers on obtaining and preserving such credits. We represent funds set up to take advantage of low-income housing credits, historic tax credits, and solar energy credits, among others.
Our Tax Group has represented sponsors and investors in a wide range of activities generating investment tax credits and has deep expertise in guiding taxpayers on obtaining and preserving such credits. We represent funds set up to take advantage of low-income housing credits, historic tax credits, and solar energy credits, among others.
Our Tax Group was an early leader in guiding clients to take advantage of the tax incentives available to investors in qualified opportunity funds focused on opportunity zones. Opportunity zones, created by the Tax Cuts and Job Act, are economically distressed communities, which provide powerful tax benefits to investors and were designed to contribute to economic development.
We are skilled in assisting clients with the following issues related to Opportunity Zones:
- Affordable housing and tax credit matters
- Asset, property management, & operational issues
- Financing components (senior, mezzanine, and preferred equity)
- Fund formation & structuring
- Opportunity business investments
- Real estate acquisitions & dispositions
- Securities offerings & compliance
- Tax compliance, structuring, and other related matters
The qualified opportunity zone incentive provisions allow taxpayers who recognize a gain from the sale of an asset (including non-real estate assets such as stocks or securities) to defer the tax on the gain by reinvesting the proceeds from the sale within 180 days into a Qualified Opportunity Fund formed and operated to invest in certain Qualified Opportunity Zones which have been designated in parts all 50 states, the District of Columbia, and all five U.S. territories. The incentive program also exempts from tax the gain on any Qualified Opportunity Zone investment held for at least 10 years.
To view the IRS's interactive map of all Opportunity Zones, click HERE.
To learn more, contact any member of our Tax Group.