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As seen on: ROI-NJ.com By Tom Bergeron The city of Newark has one of the top locations in the country for investors looking to take advantage of the new Opportunity Zone Program, according to a national study released Thursday morning. The LOCUS National Opportunity Zone Ranking Report ranked a census tract in downtown Newark in a tie for sixth place among the top Opportunity Zones for Smart Growth Potential, in a ranking of nearly 8,000…
Enough time has passed since the IRS issued its first substantive round of draft regulations and guidance on the federal Opportunity Zone program for certain Qualified Opportunity Fund (“QOF”) managers to begin their capital raise.  Some Funds are still working through structuring concepts and documentation, while many others remain on the sidelines in light of the outstanding questions and potential issues that remain for Opportunity Zone investments and projects.  While the remaining issues and areas…
As seen on: ROI-NJ.com By Tom Bergeron The panelists at the Opportunity Zone program were a bit bombastic when it came time to describe the potential the program has in low-income areas. “Too good to be true,” said one. “We’ve never seen anything like this,” said another. Ted Zangari, head of the Real Estate Department at Sills Cummis & Gross and the person credited for bringing the Rutgers Center for Real Estate event together…
On October 19, 2018 the Internal Revenue Service (“IRS”) unveiled its long-awaited guidance on the Opportunity Zone program. The IRS released proposed regulations which have a 60-day notice and comment period before being finalized. Although the regulations may not be finalized, they can be relied on by investors and Fund managers. The IRS also released additional guidance in the form of Revenue Ruling 2018-29, which addresses the “substantial improvement” requirement as applied to real property.…
In an exclusive audio interview, Newark real estate attorney Ted Zangari says investors need to start identifying appreciated assets quickly so that they can engage in Opportunity Zone transactions before the end of 2019 to gain the maximum tax advantages. As seen on: GlobeSt.com By: Steve Lubetkin With Developers waiting to learn about tax treatment of Opportunity Zone investments in New Jersey may get some answers on Monday when Gov. Phil Murphy is expected to join…
When the Tax Cuts and Jobs Act was being negotiated and considered by Congress at the end of 2017, most practitioners, developers, and business owners were trying to assess its impacts on the mortgage interest limitation, the cap on the state and local tax deduction, 1031 exchanges, immediate expensing of business assets, and other key issues. In that flurry of negotiation and analysis, a powerful federal tax incentive was added to the law that could…
Sills Cummis has learned that later today the Internal Revenue Service will be releasing the long-awaited regulations for the new federal Opportunity Zone program together with a revenue ruling and a key document, the Form 8996 for self-certification by OZ funds.  Please return to this site over the weekend and beyond for a continually-updated summary and analysis of the program rules.…