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NAWRB will attend DC Finance’s Real Estate Family Office Meetings: Opportunity Zones on Wednesday, December 12th, 2018 in New York City. Desiree Patno, CEO & President of NAWRB, and Chair of the event, will host a fireside chat with Chelsea Amelia Cruz, Associate Director of Community Development Finance at Federal Reserve Bank of New York, and John Cochrane, Senior Associate at the U.S. Impact Investing Alliance. She will also interview Karen Przypyszny, Managing Director of Special Initiatives at The National Equity Fund. NAWRB will seek eligible participants to join us in commenting on the recent proposed regulations for the Opportunity Zone tax incentive.
DC Finance focuses on real estate, one of the most promising investment sectors for family offices and high net worth individuals, and this particular event is dedicated to Opportunity Zone investment, which is altering the way these groups are utilizing real estate investment to help distressed communities.
In October of this year, the Treasury Department and the Internal Revenue Service (IRS) issued proposed regulations for the new Opportunity Zone (OZ) tax incentive that was created as part of the 2017 Tax Cuts and Jobs Act to encourage investment in low- to moderate-income communities across the country through tax benefits, such as deferring tax on capital gain by making an investment in any of the designated zones.
So far 8,761 communities covering all 50 states, including the five U.S. territories, have been designated as opportunity zones, and they will keep this status for 10 years.
Some of the proposed regulations include clarification about eligible gains and taxpayers; rules for how partnerships can elect deferral; and stipulations regarding how much assets from an Opportunity Fund or OZ business must be in a qualified tangible property, 90 percent and 70 percent respectively; among a comprehensive list.
At DC Finance’s event, NAWRB will seek participants to join us in commenting on the latest proposed regulations. The IRS will be accepting comments by January 10th, 2019. Read the official release here.
For more information about DC Finance’s event, click here.