Tax
Jul. 15, 2026
IRS issues transitional guidance on qualified opportunity zones
The IRS's new guidance on the Opportunity Zone program clarifies key transition rules under the One Big Beautiful Bill Act, providing investors and fund sponsors with greater certainty as they prepare for the program's next phase.
Phil Jelsma
Partner and Chair of the Tax Practice Team
Crosbie Gliner Schiffman Southard & Swanson LLC (CGS3)
Email: pjelsma@cgs3.com
Phil is chair of the tax practice team at CGS3. He is recognized as a leading joint venture and tax attorney, with a 30-year background in real estate exchange transactions, syndications, nonprofit corporations and international tax planning.
Originally enacted as part of the Tax Cuts and Jobs Act of 2017, Qualified Opportunity Zone (QOZ) investing allows investors to roll realized capital gains into Qualified Opportunity Funds (QOFs)--enabling them to defer tax obligations, increase their tax basis, and ultimately pay zero capital gains tax on the investment's appreciation after holding for 10 years. The program was created to encourage long-term investments in low-incom...
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