Our
guest speakers, Miriam Sheehan, a partner at Nolan Sheehan Patten LLP, and Nicholas Ratti, a Principal at CohnReznick, will discuss the
new Opportunity Zone Program.
The
Opportunity Zone Program, created as part of the 2017 Tax Cuts and Jobs Act,
allows investors to reinvest proceeds from a capital transaction in specially
designated Opportunity Zones proposed by each state, which are generally
low-income census tracts, and delay and ultimately avoid tax recognition of
these gains. In addition, the U.S. Treasury can certify Opportunity Funds
which will be created to pool and deploy investment capital in Opportunity
Zones for eligible purposes (e.g., stock, partnership interest, and business
property). This program therefore has the potential to increase
investors' (including tax credit investors) returns on various community
development projects.
