Opportunity Zone Regulations Coming into Focus
The long-awaited release of new federal regulations is bringing into focus what investors can expect from Opportunity Zones (OZ), a new tool included in the federal Tax Cuts and Jobs Act of 2017 designed to spur private investments in low-income communities. Partnering with member company KPMG LLP, the Bay Area Council has been working for more than a year to help investors understand the complexities and promise of Opportunity Zones.
Together, we’ve hosted numerous educational gatherings for leaders across the region to share knowledge around best practices, industry activity and regulatory updates. The latest forum was held Wednesday (Jan. 29), with leaders from the Council and KPMG joining other industry experts from around the country to discuss the final regulations and what they mean for real estate and business investment. Our thanks to Orla O’Connor, Tax Principal and Opportunity Zone practice lead at KPMG, for her leadership in guiding these important discussions.
Among the topics covered at the forum were: investment strategies brought to light under the new regulations; how the regulations support investment in vacant and brownfield properties; how market conditions have fared for cleantech investments; Community Reinvestment Act opportunities to coordinate with OZ investments. To learn more about the Council’s work on Opportunity Zones, please contact Council Community Development Consultant Stephen Malta.