According to a recent press release from BBG, investment activity in Qualified Opportunity Zones (QOZ) has rebounded from COVID-19’s initial impact on the commercial real estate market.
To recap, Opportunity Zones were created by the Tax Cuts and Jobs Act of 2017 and give investors the ability to defer or eliminate federal tax payments on capital gains, which is designed to create billions of dollars in tax breaks for commercial real estate projects.
After seeing a decline in investment activity following the stock market’s plunge back in March, BBG reported that this activity has picked up again due to investors taking capital gains from money pulled from the stock market and funneling it into QOZ funds.
BBG also noted that the IRS has extended the deadline to invest in capital gains in Opportunity Zones funds and has provided other forms of tax relief for the program as a result of the Coronavirus and its impact on the industry.
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