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Extended Deadlines for Opportunity Zone Program Ease Impact of Pandemic

Extended Deadlines for Opportunity Zone Program Ease Impact of Pandemic

Author: Donald M. PepeDate: August 10, 2020

New York and New Jersey businesses participating in the Opportunity Zone Program have some breathing room when it comes to satisfying key deadlines. In response to the COVID-19 pandemic, the Internal Revenue Service (IRS) is providing relief to both investors and Qualified Opportunity Funds. 

As discussed in greater detail in prior articles, the Opportunity Zone tax initiative was established under the 2017 Tax Cuts & Jobs Act, which was signed into law on December 22, 2017. The program aims to encourage investors to direct capital into new projects in certain low-income rural and urban communities in exchange for federal capital gains tax advantages. In New Jersey, 75 municipalities have been awarded the “opportunity zone” designation

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