Congress, through the Tax Cuts and Jobs Act of 2017, created a tax incentive for taxpayers willing to direct their capital towards the economic development of distressed communities. Investors involved in real estate development projects and real estate purchases have forever enjoyed the tax deductibility of depreciation and the ability to defer capital gains through different investment strategies. Congress took this into consideration and through the tax code seeks to provide generous federal income tax benefits to taxpayers who invest in distressed communities, named “qualified opportunity zones” to encourage economic growth.
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Presented by Greg Banner, CFP®, CLU®, CRTP