Overview
Today, Treasury and the IRS issued Notice 2018-48, which provides a complete listing of the population census tracts designated by the Secretary of Treasury as qualified opportunity zones under section 1400Z-2. The Tax Cuts and Jobs Act added section 1400Z-2 to the Internal Revenue Code to encourage new capital investment in low-income areas. It allows taxpayers to defer tax on gains realized on sales of appreciated assets if they rollover the gains into new investments in "qualified opportunity funds" that make investments in qualified opportunity zones. Additional tax benefits are available if the new investment is held for up to 10 years.