Qualified Opportunity Zone Representation
Jackson Walker’s Qualified Opportunity Zone team is among the most significant players in the country. We have been involved in Qualified Opportunity Zones (QOZ) and Qualified Opportunity Funds (QOF) from inception of the statute, through the planning and funding stages, even before the regulations were final. We have advised on upwards of a hundred QOZ plays—both for real estate and for operating businesses. Our QOZ lawyers are recognized as leaders by the State Bar and the legal community, with one member of our QOZ team asked to testify before the Treasury Department on QOZ proposed regulations.
Our experience with real estate QOF covers most every facet of real estate – hospitality, multi-family, commercial, office, mixed use, timber, and even a chain of manufactured housing/RV lots. In addition, we were key instigators in what would have been among the single biggest operating business QOFs in the country. We have experience with QOFs formed to be venture partners in QOZ business (QOZB) JVs with both QOF and non-QOF partners.
Jackson Walker recently counseled Bitterblue Investments on the formation and initial closing of its Bitterblue 2020 Fund I and Longhorn Quarry Opportunity Zone Fund, both of which have already commenced their investment programs and are actively deploying capital. Situated near the intersection of I-35 and NE Loop 410, Longhorn Quarry contains one of the few remaining large stretches of undeveloped land within Loop 1604 on the growing Northeast side of San Antonio. Although Longhorn Quarry was recently named an opportunity zone, Bitterblue has been developing the land for over 29 years. Following the initial closing, the Longhorn Quarry Opportunity Zone Fund (Longhorn OZ Fund) began deploying capital to continue the development of the Longhorn Quarry commercial property.
More Qualified Opportunity Zone Representation Client Results
February 16, 2022
Multifamily Project With QOZ Bend Headed to The Cedars | Dallas Business Journal (Subscription Required)
Real estate may have jumped into qualified opportunity zones first, which is how many people gained familiarity with the space, but the adoption has been much broader than that, Brian Dethrow stated in an interview with the Dallas Business Journal. “The QOZ space is a remarkable play. If you drive around Dallas, you can see instances where it has completely changed the landscape,” he noted.
August 19, 2021
Argyrios Saccopoulos Discusses “Taxation of Carried Interests” During TexasBarCLE Tax Law Conference
During the Tax Law 2021: Practicing Tax Law in Uncertain Times course, Jackson Walker attorney Argyrios Saccopoulos will present “Taxation of Carried Interests,” a CLE program discussing new regulations, fee waivers, and a freeze on carried interest.
May 20, 2021
Beware September 10th Deadline for Certain “Qualified Opportunity Fund” Investments
By Argyrios Saccopoulos & Brian Dethrow
The upcoming deadline to make a “capital gain rollover” investment into a “qualified opportunity fund” with respect to certain 2020 pass-through gains is September 10, 2021.
January 25, 2021
Qualified Opportunity Zones COVID-19 Relief Extended
On January 20, the Treasury Department published Notice 2021-10, extending COVID-19 relief for qualified opportunity funds (QOFs) and their investors.
January 12, 2021
Tax Planning for a Biden Presidency
In this article, we outline selected tax law changes that President Joe Biden has proposed, both in speaking engagements and on his campaign website, some or all of which could be enacted in 2021 or future years.
December 9, 2020
“Qualified Opportunity Zone Tax Update”
Austin attorneys Steve Martens and Argyrios Saccopoulos present tax updates related to qualified opportunity zones.
November 2, 2020
‘Opportunity Zone’ Program Would Survive But Be Changed Under Biden | Texas Lawyer
The “qualified opportunity zone,” or QOZ program, was approved by Congress at the end of 2017 to provide federal tax incentives for certain investments in designated low-income areas. Should Joe Biden be elected president, the program may survive his administration—but in what form?
June 22, 2020
COVID-19 Relief for Qualified Opportunity Funds
In Notice 2020-39, the IRS provided relief from several deadlines relevant for investors in qualified opportunity funds (or QOFs). This relief generally permits investors and funds to come into compliance by the end of 2020.
January 17, 2020
Treasury Releases Final Regulations for Investing in Qualified Opportunity Zones
On December 19, 2019, the Treasury Department released final regulations on the Qualified Opportunity Zone (QOZ) program first enacted in the Tax Cuts and Jobs Act of 2017.
Prospective investors seeking qualified opportunity fund tax benefits should consult their tax counsel regarding all aspects of the program and its requirements. For additional information about opportunity zones, view the following articles from Jackson Walker:
- “Qualified Opportunity Zones COVID-19 Relief Extended” (January 25, 2021)
- “Tax Planning for a Biden Presidency” (January 12, 2021)
- “Qualified Opportunity Zone Tax Update,” Jackson Walker Webinar” (December 2020)
- “Treasury Releases Final Regulations for Investing in Qualified Opportunity Zones” (January 17, 2020)
- “Houston Chronicle Features John Ransom Explaining Qualified Opportunity Zones in “Looped In” Podcast” (May 16, 2019)
- “Treasury Releases Additional Qualified Opportunity Zone Guidance” (April 26, 2019)
Presenter, “Qualified Opportunity Zone Tax Update,” Jackson Walker Webinar (December 2020)