Brownfields Are Indeed Opportunity Zones

The Tax Cuts and Jobs Act created a new incentive program to spur development in distressed communities that qualify as “Opportunity Zones.” Opportunity Zones are designed to encourage economic growth and investment in certain population census tracts designated by state and local governments. The primary benefits of the program are:

1. A deferral of tax on an item of capital gain that is reinvested in an Opportunity Zone Fund – the tax on the original capital gain can be deferred until 2026;
2. A basis step-up of up to 15% on the original capital gain; and
3.  The ability to avoid paying any tax on capital gains from the sale or exchange of any Opportunity Zone investments held for 10 years or more.

Read more in the link below.

Back to Demolition Insights Home