Opportunity Zone Funds Update

Nickolas Gianou

On November 27, Skadden presented a webinar titled “Opportunity Zone Funds Update.” The Tax Cuts and Jobs Act, passed in December 2017, created a new type of investment vehicle called opportunity zones, which provide significant tax incentives, including the deferral and elimination of capital gains taxes, to taxpayers who sell appreciated property and invest the proceeds in low-income communities. The webinar explored proposed regulations on opportunity zones and provided insight into what taxpayers need to know going forward, including when they must invest in an opportunity zone fund, which gains are qualified and structural requirements for qualification. Panelists included Chicago tax partners David Levy and Nickolas Gianou.