The Office of Information and Regulatory Affairs (OIRA) is reporting that its review of the final IRS regulations on Qualified Opportunity Funds has concluded. According to OIRA’s website, the review concluded on December 17 (RIN #1545-BP04). A draft of the final regulations should be posted to IRS.gov very soon, possibly later today or tomorrow. The final regulations won’t take effect however until they are published in the Federal Register. That should happen within the next week or two, most likely before year’s end. The IRS submitted the final regulations to OIRA — a division of the White House Office of
Opportunity Zones News
How did Origin Investments line up over $100 million for their Opportunity Zone fund in less than 24 hours? And what are some of the biggest challenges and complexities of managing an OZ fund? Michael Episcope is co-founder and principal of Origin Investments, a private equity real estate firm founded in 2007. Click the play button below to listen to my conversation with Michael. Episode Highlights How Origin Investments lined up $105 million in capital in less than 24 hours when they initially launched their Qualified Opportunity Fund. Origin’s concept of an institutional-grade platform geared to individual investors. Origin’s investment
Are Qualified Opportunity Funds living up to the spirit and intent of the Opportunity Zone initiative? And how should social impact reporting be conducted? Greg Genovese is president of Sound West Realty Capital, a real estate development group based in the Seattle area. Steve Sego is president of the Waterman Group, a community redevelopment, investment, and mitigation company. Click the play button below to listen to my conversation with Greg and Steve. This episode has been temporarily removed. Please check back soon.
The IRS has completed final regulations on Qualified Opportunity Funds and has sent them to the White House for review. The final set of regulations will merge and clean up the first and second tranches of proposed guidance. The final version is expected to be over 500 pages in length. The regulations are now under review at the Office of Information and Regulatory Affairs (OIRA), a division of the White House Office of Management and Budget (OMB). OIRA has 30 days to review the regulations. Once approved, the rulemaking will be published by the Office of the Federal Register. It
How can different real estate tax credits (New Markets, Low Income Housing, Renewable Energy, and Historic) be paired with the Opportunity Zones tax incentive? Michael Novogradac is managing partner of Novogradac, a top 50 accounting firm and thought leader in the Opportunity Zone industry. Click the play button below to listen to my conversation with Michael. Note: This is Part 2 of my two-part conversation with Michael Novogradac. Click here for Part 1, when we discuss how much capital has been raised by Opportunity Zone funds so far. Episode Highlights Tax credits versus tax incentives, and the implications of this
Are Opportunity Zone funds having success raising enough capital? Will capital raising reach federal government estimates? Find out why one prominent tax accountant thinks so. Michael Novogradac is managing partner of Novogradac, a top 50 accounting firm and thought leader in the Opportunity Zone industry. Click the play button below to listen to my conversation with Michael. Note: This is Part 1 of my two-part conversation with Michael Novogradac. Click here for Part 2, when we discuss how different real estate tax credits can be paired with Opportunity Zones, and options for 1031 investors who want to get into Qualified
As 2019 winds down and the full benefit of the Opportunity Zones tax incentive expires, here are some key dates for investing in Opportunity Zones — past and future. Note: as IRS regulations are not yet finalized, these dates are subject to change. February 2, 2017: The Investing in Opportunity Act is introduced in the Senate and House. December 22, 2017: The Tax Cuts and Jobs Act of 2017 — which includes a modified version of the Investing in Opportunity Act — is signed into law, enacting the Opportunity Zones tax incentive. January 1, 2018: The first date in which
What are some of the biggest misconceptions, inconsistencies, and disconnects surrounding the Opportunity Zone tax incentive? Bob Richardson is managing partner of Blue Cardinal Capital, a real estate private equity firm with Opportunity Zone projects in upstate New York. Click the play button below to listen to my conversation with Bob. Episode Highlights The key differences between tax credits and the Opportunity Zone tax incentive — and the implications of these differences. Disconnect #1: The disconnect embedded in the Opportunity Zone tax incentive around rigid timing requirements, vis a vis real estate development reality. Disconnect #2: How typical real estate
Can an Opportunity Zone marketplace connect communities, OZ project sponsors, and investors to advance capital deployment and community impact? Peter Truog is founder of The Opportunity Exchange — a marketplace that connects impactful Opportunity Zone projects to capital sources. Also joining today’s podcast episode from The Opportunity Exchange are Leo Peña and Ayat Amin. Click the play button below to listen to my conversation with Peter, Leo, and Ayat. Episode Highlights Why communities should leverage their Opportunity Zones by showcasing their pipeline of assets. How The Opportunity Exchange can benefit three distinct types of Opportunity Zone participants — 1) community
For business owners, what are some tips for approaching investors and raising Opportunity Zone capital? Len Mills is CEO of Verte OZ, a venture capital Opportunity Zone fund launched in September 2019 that invests in high-growth disruptive businesses. Click the play button below to listen to my conversation with Len. Episode Highlights The characteristics that make the Verte OZ Fund unique among Opportunity Zone funds. The mutual compatibility of 1) developing an entrepreneurial ecosystem; 2) creating social impact; and 3) providing attractive returns to investors. Leveraging state and local economic development agencies and universities for deal flow and information. Why
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