On December 22, 2017, geographic Opportunity Zones were added to the tax code by the Tax Cuts and Jobs Act. Designation of these zones is an economic development tool, in that they were created to spur economic development and job creation in distressed communities by offering tax benefits to investors. In all, 8,761 communities in nationwide and in five U.S. territories are designated as qualified Opportunity Zones and will remain so for 10 years. A Qualified Opportunity Fund (QOF) is an investment vehicle set up as a partnership or corporation for investing in eligible real estate in a qualified opportunity zone.
Recently, Gemini and HFM hosted a webinar featuring a panel of private equity / real estate investing experts who explained opportunity zones and how QOFs can benefit real estate, private equity, and venture capital investors, as well as many others.
Specific topics panelists covered included:
- A history of opportunity zones and the recent IRS announcement
- An overview of QOFs
- Status of all tax implications for these types of funds
- What fund managers looking to enter the QOF space need to know
- John Gahan, Partner – Real Estate, Sullivan and Worcester
- Catherine Lyons, Manager of Policy and Coalitions, Economic Innovation Group
- Daniel Ryan, Partner – Tax, Sullivan and Worcester
- Ken Weissenberg, Head of National Real Estate Practice, Eisner
- Skyler Steinke, Senior Vice President – Business Development, Gemini
Please click below to watch a recording of this webinar:
Gemini, an experienced private equity fund administrator, can provide guidance about how to start investing in these distressed areas and taking advantages of these tax incentives and can provide administration services for QOFs. Please contact us or reach out to a member of our sales team at any time for further information.
The Gemini Companies does not provide tax advice. Any statements contained herein are not intended to be construed (and shall not be construed) as tax advice, and any statements contained herein are not intended to be used (and cannot be used) for the purpose of avoiding Federal, state, local, foreign, or other taxes or penalties. You should consult your tax advisor as to any tax related matters. 7886-GFS-12/12/2018 | 2179-NLD-12/12/2018