I have enjoyed participating in the Novogradac Opportunity Zones Working Group over the past year or so, and have learned a lot from the other legal, tax, and development professionals within the group. I enjoyed meeting many of them in person at the Novogradac Opportunity Zones 2019 Spring Conference, and also hearing from the panelists – including those who are writing the regulations (including Daniel Kowalski, counselor to the Secretary of the U.S. Department of the Treasury), who were instrumental in the conception of the program (including John Lettieri, of the Economic Innovation Group), and other legal and development professionals who are putting Opportunity Zone deals together.
A helpful analysis of the of the second tranche of Opportunity Zone regulations was posted on the Novogradac blog, just before and after the conference.
Though questions remain, the second tranche of regulations has made it clear that Treasury intends for the program to be flexible and provide operating businesses a number of ways to qualify for its benefits.
“...the second tranche of regulations has made it clear that Treasury intends for the program to be flexible and provide operating businesses a number of ways to qualify for its benefits.”
Joey Strength is a partner at HunterMaclean, practicing primarily in real estate and development law, estates and trusts, and business transactions. He is a trusted advisor to his clients, ranging from individuals to publicly traded companies, and provides them with quality legal representation and advice across various areas. Joey strives to understand his clients’ personal and business needs to find creative solutions to their legal problems.
Joey is a proponent of the Opportunity Zone legislation that was included in the 2017 Tax Cut and Jobs Act and has represented HunterMaclean in a national working group of attorneys, accountants, developers, and others who have collaborated to provide input in the regulatory process. He is currently working with a number of clients who are considering how they might benefit from the program and enjoys sharing about the program with others.
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