The Tax Cuts and Job Creation Act (HR1) passed in December 2017 includes provisions that establish Opportunity Zones. As defined by the IRS, “A QOZ is an economically distressed community where new investments, under certain conditions, may be eligible for preferential tax treatment." The goal of these zones is to drive private, long-term capital to distressed census tracts by providing investors with tax breaks on capital gains.
The speaker reviews how Opportunity Zones came to be, the timeline of the policy and its rollout and shares some analysis of North Carolina’s Opportunity Zones. She digs deeper into how lawyers can think about Opportunity Zones and its goals around equitable economic development in how it can advance communities and remove barriers for communities that have historically been excluded from economic opportunity, particularly communities of color, and communities with low income and low wealth.
- Alexandra Forter Sirota, NC Budget & Tax Center, Durham
Session from Advancing Zoning, Planning and Land Use Objectives Through Public-Private Partnerships (2023 Zoning, Planning & Land Use Section Program), April 28, 2023
North Carolina: 1.00 MCLE Hour
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