If you are in the real estate industry, you have probably heard about Opportunity Zones (the “OZProgram”). If you haven’t, you should get up to speed (very!) quickly since these two unassuming sections of the Internal Revenue Code of 1986, as amended (the “Code”), which were added as part of 2017 Tax Reform, have cracked wide open a new investment structure that results in significant tax benefits to investors.
On February 07, 2018, the President promulgated the following amendments to the Income Tax Act. These amendments apply to income tax filings for May 2018, and are applied retroactively to January 01, 2018.