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Opportunity Zones Webinar

New Markets Support Corporation and the LISC Policy team held a webinar on February 23, 2018 to explain the new federal Opportunity Zones program and how you can advocate for this resource in the areas of your state that your organization serves.

View the recorded webinar here.

Download the presentation here.

Background on Opportunity Zones
The Opportunity Zones program was established by Congress in the Tax Cut and Jobs Act as an innovative approach to spurring long-term private sector investments in low-income urban and rural communities nationwide. The program is based on the bipartisan Investing in Opportunity Act. It establishes a mechanism that enables investors with capital gains tax liabilities across the country to receive favorable tax treatment for investing in Opportunity Funds that are certified by the U.S. Treasury Department. The Opportunity Funds use the capital invested to make equity investments in businesses and real estate in Opportunity Zones designated by each state.

Program Snapshot

  • Each Governor is authorized to designate a certain number of Opportunity Zones into which private investment can flow through Opportunity Funds.
  • Opportunity Funds are a new class of investment vehicles authorized to aggregate and deploy private investment into Opportunity Zones.
  • Funds must be certified by the U.S. Treasury Department.
  • Capital eligible for investment in Opportunity Funds includes all capital gains realized by a U.S. investor in the 180 days prior to investment in the Opportunity Fund. Investors are eligible to receive a temporary tax deferral for short term Opportunity Fund investments PLUS additional tax benefits when they invest for five, seven, or ten years.
  • Opportunity Funds are authorized to invest in Opportunity Zone Property:
    - Newly issued stock in a domestic corporation,
    - Capital or profits interest in a domestic partnership and
    - Tangible property used in a trade or business in the Opportunity Zone
  • Real estate investments made by Opportunity Funds include a substantial rehabilitation requirement

Webinar Speakers

  • Kevin Boes, President and CEO, New Markets Support Corporation
  • Matt Josephs, Senior Vice President of Policy, Local Initiatives Support Corporation
  • John Lettieri, co-founder of the Economic Innovation Group (EIG), serves as its Senior Director for Policy and Strategy. He leads EIG’s policy development, economic research, and legislative affairs efforts.
    EIG originally developed the Opportunity Zones concept in 2015 to help address the persistent poverty and uneven recovery that have left too many American communities behind. The idea has since been championed by a wide-ranging coalition of investors, entrepreneurs, community developers, economists, and other stakeholders

Posted in Commercial and Economic Development

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