Opportunity Zones

Unlocking the opportunity

Qualified Opportunity Zones (QOZs) enable taxpayers to defer and reduce capital gains to unlock substantial tax incentives. It promotes long-term investments while enabling investors to achieve financial returns and make a positive community and social impact. 

Recent QOZ insights from KPMG


Read  Reminder! Qualified Opportunity Fund’s Asset Testing Requirements, June 21, 2022

Read  Treasury Examines QOZ Investments for Reporting Deficiencies, February 14, 2022

Read  Inducement or Deterent – Proposed Regulations Addressed by QOZ Investments by Foreign Persons, April 21, 2021

Read  Reporting the Impact of Qualified Opportunity Zones, March 17, 2021

Read  Covid Relief Extended for Qualified Opportunity Funds and Investors, Janaury 20, 2021

More KPMG insights

Read  | Withholding and QOZs: Treasury Withholds Relief, and Non-U.S. Investors Withhold Capital, December 16, 2020

Learn  | The 21st Century New Deal — Version 3.0, QOZs Final Regulations and Corrective Amendments, June 30, 2020

Read  | Qualified Opportunity Zone Rules as of June 2020 — Checking In and Checking Up, June 22, 2020

Read  | Section 1400Z-2 Finals Regulations; Observations on Correcting Amendments, April 20, 2020

Read  | Timing Considerations for QOF & QOF Investors in Light of COVID-19, March 24, 2020

Read  | Tax Incentivized Projects in QOZs—Incentives that May Work Together, March 23, 2020

Read  | The Road Has Been Paved, Summary and Observations on Final QOZ Regs, January 23, 2020

Read  | Initial Impressions of Final Regulations for Opportunity Zones, December 20, 2019

Read  | Opportunity Zones—Unlock New Opportunities, September 2019

Read  | Opportunity Zones and REITS—The Latest Guidance from Treasury and the IRS, June 24, 2019

Listen | Realty Speak—Latest on QOZ Guidance, Podcast, June 10, 2019

Read  | A New Path Forward, Summary and Observations on Proposed QOZ Regs, May 2019

Read  | Opportunity Zones: Highlights of the Second Set of Proposed Regulations, April 18, 2019

Read  | Opportunity Zones and Privately Held Companies, December 2018

Read  | New Rules for Opportunity Zones, October 22, 2018

Read | Opportunity Knocks under Tax Reform, February 18, 2019

Legislative history

Follow the links for a chronological history of the proposed and final regulations, notices and announcements, and forms and instructions as well as KPMG analyses and articles pertaining to the these documents.

If you have QOZ questions or comments, contact  a QOZ Specialist under Contact Us below.


August 9, 2021 | KPMG Report | Round Two:  IRS Issues a Second Set of Corrective Amendments to the Qualified Opportunity Fund Regulations


August 5, 2021 | IRS | Investing in Qualified Opportunity Funds; Correction


May 12, 2021 | IRS | Announcement 2021-10 | Qualified Opportunity Zone Boundaries


January 20, 2021 | KPMG Report | COVID Relief Extended for Qualified Funds and Investors


January 19, 2021 | IRS | Notice 2010-10 | Extension of Relief for Qualified Opportunity Funds and Investors Affected by Ongoing Coronavirus Disease 2019 Pandemic




June 4, 2020 | IRS | Notice 2020-39 | Relief for Qualified Opportunity Funds and Investors Affected by Ongoing Coronavirus Disease 2019 Pandemic


April 20, 2020 | KPMG Report | Section 1400Z- 2 Final Regulations; Observations on Correcting Amendments


April 6, 2020 | Treasury and IRS | Correcting Amendments | Investing in Qualified Opportunity Funds




January 23, 2020 | KPMG Report | The Road Has Been Paved: Analysis and Observations about Final Regulations and Future Opportunity Zone Investments


December 20, 2019 | KPMG Report | Initial Impressions of Final Regulations for Opportunity Zones


December 19, 2019 | Treasury and IRS | Final Regulations | Investing in Qualified Opportunity Funds


May 2019 | KPMG Report | A New Path Forward (Observations on Second Set of Proposed Regulations)


April 18, 2019 | KPMG Report | Opportunity Zones: Highlights of the Second Set of Proposed Regulations


April 17, 2019 | Treasury and IRS | Second Set of Proposed Regulations | Investing in Qualified Opportunity Funds




October 22, 2018 | KPMG Report | New Rules for Opportunity Zones


October 19, 2018 | Treasury and IRS | Proposed Regulations | Investing in Qualified Opportunty Funds



Forms, instructions, and examples

Examples of 2019 Forms 8949 and 8997

Form 8996 Qualified Opportunity Fund

Form 8997 Initial and Annual Statement of Qualified Opportunity Fund Investments

Sample Form 8949 Sales and Other Dispositions of Capital Assets

KPMG QOZ services

Capturing potential QOZ benefits involves a cross-functional approach. Addressing the needs of our clients related to QOZ investment, a diverse team of KPMG specialists can:

  • Provide a review for qualification purposes of the gain to be deferred under the QOZ rules
  • Review formation documents for the Qualified Opportunity Fund (QOF) as a partnership or corporation
  • Review contribution and partnership agreements for federal and state tax implications
  • Assist the QOF in acquiring QOZ assets or investment in Qualified Opportunity Zone Businesses (QOZBs), including assets to be acquired by the QOZB, to satisfy the QOF and QOZB qualified asset tests
  • Provide tax return services with respect to the QOF and QOZB
  • Provide audit and advisory services, as needed
  • Monitor continuing compliance of QOF certifications under the QOZ requirements
  • Develop structuring alternatives for QOF and QOZB
  • Provide tax opinions related to structuring and qualification of QOF and QOZB.


Contact us

Joseph Scalio

Joseph Scalio

Senior Lead Tax Partner, KPMG US

+1 267-256-2778
Orla O'Connor

Orla O'Connor

Principal, Tax, KPMG U.S. Tax Services (London) LLP

+44 (0) 7861 083535
Holly Belanger

Holly Belanger

Partner, Passthroughs Group, KPMG US

+1 202-533-4096
Katherine Breaks

Katherine Breaks

Principal, Passthroughs, Incentives, Credits, and Methods Group, KPMG US

+1 202-533-4578
Dan Feitelberg

Dan Feitelberg

National Advisory Leader, Higher Education, Research, and other Not-for-Profits, KPMG US

+1 415-963-8650
Ruth Tang

Ruth Tang

ESG Reporting & Assurance Leader, KPMG US

+1 212-909-5083
Jeffrey Flecther

Jeffrey Flecther

Managing Director, Passthrough Tax Services, KPMG US

+1 26- 256-3367
Anu Varadharajan

Anu Varadharajan

Director, Tax ESG, KPMG US

+1 212 954 1816
Watch our video to learn the basics about the potential tax benefits for businesses that invest in QOZs