EY - Federal Opportunity Zones

EY Tax Webcast

Federal Opportunity Zones: new IRS guidance

  • Share

Watch On-Demand

Webcast survey results – What companies are thinking about Opportunity Zones

On 19 October, the IRS published four proposed regulations and Revenue Ruling 2018-29, which provides guidance on the Opportunity Zone tax benefits codified in IRC Sections 1400Z-1 and 1400Z-2. Opportunity Zones, created through the Tax Cuts and Jobs Act, are census tracts primarily located in low-income areas that were nominated by states and subsequently designated by the IRS as “qualified opportunity zones.”

Taxpayers who invest in these zones through entities certified as Opportunity Funds are eligible to receive potentially significant tax advantages. The newly released guidance has been highly anticipated by prospective Opportunity Zone investors and Opportunity Fund managers, who have been waiting for clarification on certain key issues before proceeding to invest in Opportunity Zones.

In response to this milestone, a panel of experienced Ernst & Young LLP professionals will discuss the key issues addressed in the newly released guidance on Opportunity Zones. Topics will include:

  • Overview of Opportunity Zone tax benefits
  • Explanation of the newly released IRS guidance
  • Implications for Opportunity Zone investors and Opportunity Fund managers
  • Hypothetical examples of Opportunity Zone transactions and tax benefits

Panelists


  • Mike Bernier, Partner, National Tax, Credits and Incentives Services, Ernst & Young LLP
  • Terry Cardew, Partner, Financial Services, Banking & Capital Markets Tax Leader, Ernst & Young LLP
  • David Kirk, Partner, National Tax, Private Client Services, Ernst & Young LLP
  • Andrea Whiteway, Principal, National Tax, Partnership Transactions and Planning Economics Group, Ernst & Young LLP

Moderator


  • Paul Naumoff, Principal, Location Investment, Credits and Incentives Services, Ernst & Young LLP