Partners John Eliason and Mike Crossen were quoted in an American Banker article, “Banks explore ways to capitalize on tax law’s ‘Opportunity Zones,’” about potential business opportunities created by Opportunity Zones, an element of the federal tax cut law enacted in December 2017 that provides a way for private investors to receive tax benefits in exchange for investing in low- and moderate-income communities.
Eliason, who advises banks and private investors on tax issues, said such zones are fertile ground for private investment. “There is an estimated $6 trillion in investment opportunities that could be unlocked from this program,” he said.
Crossen, who has a public policy and transaction practice, said he takes the view that commercial and industrial loans will be eligible for the Opportunity Zones tax benefit. “If it ends up being only real estate, it will be a lost opportunity,” he said.