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On October 19, 2018, the Treasury Department and IRS issued proposed Qualified Opportunity Zone regulations and guidance and Qualified Opportunity Fund requirements.
As mentioned previously, Governor Wolf designated 300 tracts of land across Pennsylvania as “qualified opportunity zones” that entice investors through tax breaks and encourage economic development throughout the Commonwealth. The Lehigh Valley contains several opportunity zones in Allentown, Bethlehem, and Easton.
Some of the items that are clarified in the new regulations include:
These new qualified opportunity zone regulations are open for public comment for 60 days and a public hearing on the regulations will be held on January 10, 2019. We expect the final regulations will issued soon thereafter. More to come!
Attorney Jack Gross is an experienced business and real estate attorney and provides counsel to commercial clients throughout the Lehigh Valley region. Jack has experience working with investors and qualified opportunity zones in Pennsylvania.