NCSHA Guidance Request Letter to IRS on Opportunity Zones

At NCSHA’s 2018 Annual Conference, NCSHA’s Opportunity Zone Focus Group approved a letter to the Internal Revenue Service requesting guidance on implementation of Opportunity Zone (OZ) provisions in the recently enacted Tax Cuts and Jobs Act of 2017.

The letter encourages IRS to provide guidance clarifying that residential real estate property qualifies as OZ property, confirming that OZ investments may be combined with other Credits, addressing appropriate tax questions to provide certainty to OZ investors, defining abuse to prevent loss of affordable housing in OZs, specifying reporting requirements for OZ investments, and determining whether OZ investments qualify for CRA credit.