Opportunity Zones

Unlocking the opportunity


Qualified Opportunity Zones (QOZs), introduced in the 2017 "Tax Cuts and Jobs Act," enables 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. 

Inducement of Deterrent - Proposed Regulations Address QOZ Investments by Foreign Persons

April 21, 2021 | Proposed regulations introduce new requirements for foreign and certain partnership investors in qualified opportunity funds

April 21, 2021 | Proposed regulations introduce new requirements for foreign and certain partnership investors in qualified opportunity funds

CalOZ Assist Launched

December 17, 2020 | KPMG LLP is pleased to announce that it has launched CalOZ Assist, a new partnership with CalOZ, to help organizations overcome the initial challenges in engaging with the new and fast-evolving Opportunity Zone (OZ) landscape. CalOZ is a nonprofit trade organization dedicated to maximizing the transformative potential of OZs in California. Through CalOZ Assist, CalOZ members with limited in-house expertise and resources will have improved access to critical information needed for success in the OZ ecosystem.

With CalOZ Assist, approved parties will have access to reduced-fee introductory consultations with the KPMG national OZ practice. The firm's network of OZ and tax professionals will be available for 30- and 60-minute sessions to demystify key components of the OZ incentive and suggest next steps on how to comply with OZ program requirements. For more information, contact Orla O'Connor or John Kinsella.

 


Recent QOZ insights

 

Watch Opportunity Zones 2021: An Evolving Investment Vehicle, April 21, 2021

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


Read  Covid Relief Extended for Qualified Opportunity Funds and Investors, February 17, 2021


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


Watch  QOZ Quick Hit: U.S. Election Impact, Webcast, October 26, 2020


Watch  QOZ Quick Hit: State and Local Update, September 29, 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  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

More insights

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


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


Read | A New Path Forward, Summary and Observations on Proposed QOZ Regs, May 1, 2019


Read | Opportunity Zones and Privately Held Companies, December 2018


 

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 US

+1 415-963-7511
Holly Belanger

Holly Belanger

Partner, Passthroughs Group, KPMG US

+1 202-533-4096
Katherine Breaks

Katherine Breaks

Principal, Tax Incentivized Transactions, Leasing & Energy, 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

Partner, Asset Management, KPMG US

+1 212-909-5083
Jeffrey Flecther

Jeffrey Flecther

Managing Director, Passthrough Tax Services, KPMG US

+1 26- 256-3367
Andrew Lau

Andrew Lau

Senior Manager, Tax Incentivized Transactions, Leasing & Energy, KPMG US

+1 212-872-3641
Anu Varadharajan

Anu Varadharajan

Director, Alternative Investments, KPMG US

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