Opportunity Zones and Nonprofits
Hamang Patel, Partner Co-Leader Transactions - Michael Best
November 27, 2018 - 2p
Opportunity Zones. Are they the new “shiny penny” that nonprofits can access to finance their organizations? Or, is the value of Opportunity Zones to nonprofits over-rated? Or, is it something in-between?
Since being introduced as part of the Tax Cuts and Jobs Act of 2017, there have been many conversations and questions related to Opportunity Zones. Simply put, Opportunity Zones offer tax breaks on capital gains income for investing in designated OZs across the U.S. In Wisconsin, there are 120 designated zones and 8,700 OZs in all 50 states, territories and the District of Columbia. Up to several weeks ago, there were no guidelines in place to regulate these OZs. In late October that changed when the IRS released the first round of regulations governing their use.
To learn more about Opportunity Zones and determine whether your nonprofit can or cannot access them, please join us on Nov 27 at 1pm for a webinar hosted by Forward Community Investments and presented by Hamang Patel, partner, Michael Best & Friedrich.
We hope that everyone who attends this webinar leaves with a better understanding of these key items:
How to evaluate the economic return of an opportunity zone fund investment.
How opportunity zone funds can be used to finance projects being developed by nonprofits.
How nonprofits can participate in ownership and management of opportunity zone funds.
How to integrate opportunity zone investments with other tax incentives.