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Stakeholders Must Act Now To Nominate Opportunity Zones

Law360 (February 23, 2018, 6:16 PM EST) -- The Tax Cuts and Jobs Act, P.L. 115-97, created a new community development program that encourages private investment in qualified opportunity zones. The program allows taxpayers to defer and reduce capital gain if the taxpayer reinvests capital gain proceeds in a qualified opportunity fund.

In order for states to participate in this program, they must act quickly. The deadline for states to submit their qualified opportunity zone nominations — or request a 30-day extension — is March 21, 2018.

Designation Process

Under TCJA, the chief executive officer...
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