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Opportunity Zones and Commercial Real Estate
One of the many provisions of last year's tax overhaul was the creation of a little-noticed program called Opportunity Zones, which was designed to give investors tax breaks for investments in designated areas. Little was heard about the program as governors went through the process of selecting where the Opportunity Zones would be located within their jurisdictions. The Treasury Department then formally designated over 8,700 low-income communities around the country as Opportunity Zones. Now, attention is starting to pick up as the program takes shape. The real estate community is expressing a lot of interest in the program, and so far at least one investment firm has launched an Opportunity Zone fund.
To get a better understanding of how this program will work and what it may mean for the real estate community, this newsletter's ALM sibling GlobeSt.com spoke with Jeffrey DeBoer, President and CEO of The Real Estate Roundtable, and Roundtable's Senior Vice President and Counsel, Ryan McCormick.
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