Existing Owners of Property in an Opportunity Zone – Right Place, Right Time?

Summary

As knowledge of the Opportunity Zone Program (the OZ Program), which was tucked away inside the 2017 Tax Reform package (codified at I.R.C. Sections 1400Z-1 and 1400Z-2), trickled out to the real estate community, ears began to perk up all over the country. As tax professionals parsed through the new provisions in the Internal Revenue Code (the Code) and explained the suite of tax benefits, investors and developers alike sat up a bit straighter in their chairs to make sure they had heard correctly.