US Dept of Treasury offers Opportunity Zone federal guidance information
Illinois Department of Commerce and Economic Opportunity’s webpage. Also available are Draft Instructions for Qualified Opportunity Funds.
Caroline Sevier, EDC Legislative Director of the National Governors Association, has provided a helpful memo on the background and recent developments of the Opportunity Zones Program, including:
TAKEAWAYS • H.R. 1, the Tax Cuts and Jobs Act, authorized the Opportunity Zones program when it was signed into law on December 22, 2017. • The Opportunity Zones program provides incentives for investors to re-invest unrealized capital gains into Opportunity Funds in exchange for temporary tax deferral, which will then be used to provide access to capital in low-income communities, or to receive the same benefit with the direct investment of the gains into “qualified opportunity zones”. • In June, the Department of the Treasury announced the final round of Opportunity Zone designations, with qualified areas in all 50 states, the District of Columbia, and the five United States possessions. • On October 19, the Department of the Treasury released draft guidance regarding rules and regulations for Opportunity Funds and Opportunity Zone businesses.
Additional information can be found in Opportunity Rules and Guidance and Special Rules for Capital Gains Invested in Opportunity Zones.