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Michael J. Bruno, associate, left, and Steven Hadjilogiou, partner, right, with McDermott Will & Emery.

The 2017 U.S. Tax Reform introduced the Opportunity Zone provisions as an incentive for taxpayer investment in low-income neighborhoods and combined the benefits of both tax deferral and tax elimination. Specifically, the Opportunity Zone provisions allow investors that recently generated a capital gain (e.g., from the sale of a business, stock, commodities, collectibles, real estate) to reinvest, within 180 days of the sale or exchange of such capital asset, the gain into a “Qualified Opportunity Fund” (QOF) thereby allowing the investor to defer the U.S. capital gain tax payment owed on those gains for up to eight years, reduce such capital gain tax liability by up to 15 percent and if an investor holds his interest in the QOF for 10 years or more, then he may be able to permanently exclude from U.S. federal tax any gain earned from the QOF investment.

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