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Additional Guidance Sought On “Opportunity Zones”

Additional Guidance Sought on “Opportunity Zones”

Jan. 07, 2019

In a recent comment letter ICBA asked the Internal Revenue Service to work with bank regulators to identify how community banks can participate and invest in Opportunity Zone Funds. The Opportunity Zone program, established by the Tax Cuts and Jobs Act of Dec. 2017, provides preferential tax treatment for investments made in Opportunity Zone Funds, including a temporary tax deferral of income from any capital gain and a permanent exclusion for income made from the sale of a fund investment. The White House anticipates that Opportunity Zones will spur $100 billion in private capital investment.

Read ICBA Letter


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