Enacted as part of the Tax Cuts and Jobs Act of 2017, Opportunity Zones were designed to provide significant tax benefits to incentivize long-term investment in economically-distressed communities. Opportunity Zones have been designated in all 50 states, the District of Columbia, and five U.S. possessions. Foley’s Opportunity Zone Team is well-positioned to advise investors, fund sponsors, developers, business leaders, and municipalities on how to take advantage of these benefits.
We have been active in advising clients interested in Opportunity Zones as well as advocating for legislative and regulatory attention, including meeting with high-level federal government officials tasked with rolling out the Opportunity Zone program. We are also working with state government officials interested in pairing state incentives to maximize investment interest. Foley’s fund sponsor-clients rely on our Opportunity Zone Team to help them navigate the complex tax and structuring issues in launching a qualified opportunity fund.
Our team has been actively participating in Opportunity Zones events and speaking engagements, and launched an Opportunity Zone initiative that includes a working group that connects and provides resources to those interested in Opportunity Zones. In February of 2019, our firm hosted, “Foley & Lardner’s Investment Summit: Opportunity Zones Massachusetts,” the first of a series of events and webinars focused on Opportunity Zones.