On April 17th, 2019, the U.S. Department of the Treasury and the IRS announced the release of the much-anticipated second set of proposed regulations regarding Opportunity Zones, which offer major tax incentives for those investing in economically distressed communities. An initial set of proposed regulations was issued in October 2018 along with a Revenue Ruling, which provided helpful guidance but this left significant unaddressed issues.
This second round of proposed regulations bring new and essential information about the tax treatment as well as special issues related to: the rules for eligible contributions into Opportunity Funds, the windows for deployment and reinvestment within Opportunity Funds, the rules for operating businesses located in Opportunity Zones, the ability to lease property into Opportunity Zone Business entities, and more.
Join a panel of experienced tax professionals for a discussion of the key issues addressed in the latest Opportunity Zone regulations.
Topics will include:
Opportunity Zones basics
What the proposed regulations say about key issues for transaction participants
What key issues were not addressed and the potential implications for Opportunity Zone businesses and investors
Expectations for additional guidance
7:30-8:00 am Continental Breakfast & Networking
8 - 9:00 am: Impact of New OZ Rules for Investors, Funds and Businesses
- Carolyn Kim Allwin, Managing Director, Elysian Advisers (Moderator)
- Stephanie Barger, Partner, EY - Wealth Asset Management Compliance
- Michael Bernier, Partner, EY - Tax Incentives & OZ Lead
- Joe Bianco, Principal, EY - Wealth and Asset Management Structuring
- Vinny Satchit, Partner EY - Personal Taxation Issues
9 - 10:00 am - Practical Implementation - How Investors and Fund Managers are Putting OZ Capital to Work
- Lauren Lovelace, Principal, EY (Moderator)
- Michael Lohr, Vice President, Goldman Sachs, Urban Investment Group
- Quinn Moss, Partner, Orrick, Herrington & Sutcliffe, LLP
- Nina Streeter, Director, Abbot Downing Asset Management
- Greg Stuppler, Founder, Surf Capital
10:00-10:30 am Networking
The event is co-sponsored by Impact Capital Forum and EY, a global leader in assurance, tax, transaction and advisory services. EY (Ernst & Young) is committed to building a better working world — with increased trust and confidence in business, sustainable growth, development of talent in all its forms, and greater collaboration. The latest EY insights on Opportunity Zones can be found here.
This full discussion panel event is open to the public. It is a complement to ICF's next Opportunity Zones working group session the morning of Wed., May 22nd.