When President Donald Trump signed an executive order on December 12, he targeted federal agency efforts to support designated Opportunity Zones, a program created as part of the 2017 tax reform and designed to steer capital gains dollars towards traditionally underserved communities.
The New York Times reports that these efforts could focus on water infrastructure projects, Small Business Administration loan programs, anti-crime efforts, and mentoring programs. The executive order also aims to synchronize the agencies involved in such programs by creating the “White House Revitalization Opportunity Council”, as well as to create a streamlined process for applying for federal resources.
The order follows on the heels of a proposed rule issued by the IRS to implement the Opportunity Zones program.
To learn more about Opportunity Zone investing, register for the upcoming ACG-Wipfli webinar, “Taking Advantage of Opportunity Zone Investing,” scheduled on Wednesday, January 23 from 2 – 3 PM. This webinar, led by experts from Wipfli LLP – CPAs & Consultants, will identify tips to illustrate the numerous tax benefits this provision provides.