Emerging Law Update RE: Opportunity Zones

A provision in the new tax reform bill provides the potential for significant tax savings on realized capital gains that are rolled into new investment vehicles known as Qualified Opportunity Funds. Certain low-income census tracts, and certain contiguous tracts, are eligible for nomination as Opportunity Zones, and businesses, developers and other entities holding tangible property or real estate in these zones are eligible to receive investment capital from these Opportunity Funds. Each state’s governor is instructed to nominate eligible census tracts by March 21, 2018. Governor Bryant can nominate up to 100 of these zones in Mississippi. Business, healthcare entities, developers and other interested parties are urged to contact their local municipal leaders to encourage them to apply through the Mississippi Development Authority’s online application portal. For more information about the benefits of this program, please see the following link: Emerging Law Update

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