{"id":48,"date":"2018-04-26T15:10:01","date_gmt":"2018-04-26T19:10:01","guid":{"rendered":"http:\/\/blogs.duanemorris.com\/projectdevelopmentinfrastructurep3\/?p=48"},"modified":"2018-05-18T15:20:51","modified_gmt":"2018-05-18T19:20:51","slug":"pennsylvania-files-for-opportunity-zones-for-10-year-tax-deferred-investments-in-community-development","status":"publish","type":"post","link":"https:\/\/blogs.duanemorris.com\/projectdevelopmentinfrastructurep3\/2018\/04\/26\/pennsylvania-files-for-opportunity-zones-for-10-year-tax-deferred-investments-in-community-development\/","title":{"rendered":"Pennsylvania files for Opportunity Zones for 10-year tax deferred investments in community development"},"content":{"rendered":"<p>On April 20, 2018, Governor Tom Wolf submitted to U.S. Treasury his list of designated Opportunity Zone sites for Pennsylvania. To date,\u00a0<a href=\"https:\/\/www.cdfifund.gov\/Pages\/Opportunity-Zones.aspx\" target=\"_blank\" rel=\"noopener\">18 states and territories<\/a>\u2014including Arizona, California, Colorado, Georgia, Idaho, Kentucky, Michigan, Mississippi, Nebraska, New Jersey, Oklahoma, South Carolina, South Dakota, Vermont and Wisconsin, as well as American Samoa, Puerto Rico and the U.S. Virgin Islands\u2014have filed for and received approval of their sites.\u00a0<a href=\"http:\/\/dced.maps.arcgis.com\/home\/webmap\/viewer.html?webmap=b0bd4d703ddc498fb0a993a00d77ed4c\" target=\"_blank\" rel=\"noopener\">Pennsylvania<\/a>\u00a0has now followed suit and submitted its list for approval. Previously, we discussed Opportunity Zones in our\u00a0<i>Alerts<\/i>\u00a0dated\u00a0<a href=\"https:\/\/www.duanemorris.com\/alerts\/qualified_opportunity_zones_potential_drive_community_development_0318.html\">March 1<\/a>\u00a0and\u00a0<a href=\"https:\/\/www.duanemorris.com\/alerts\/eighteen_us_states_territories_obtain_opportunity_zone_designation_0418.html\">April 10<\/a>, 2018.<\/p>\n<p>Designations are approved for 10 years and permit investors to defer tax on any prior gains until no later than December 31, 2026, so long as the gain is reinvested in a Qualified Opportunity Fund. A Qualified Opportunity Fund is an investment vehicle that is organized to make investments in the zones designated above as Qualified Opportunity Zones. Note that while we are awaiting draft regulations, which are anticipated within the next 60 days (<i>i.e.<\/i>, by June 30, 2018), it appears that if investors hold their investments in the Opportunity Fund for at least 10 years, they would be able to increase its basis to that of the fair market value of the investment on the date it is sold. In other words, their appreciation in the value of the asset thereafter would be tax-free.<\/p>\n<p><a href=\"https:\/\/www.duanemorris.com\/alerts\/pennsylvania_files_opportunity_zone_designations_0418.html\">Read the full <em>Alert<\/em> on the Duane Morris LLP website<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On April 20, 2018, Governor Tom Wolf submitted to U.S. Treasury his list of designated Opportunity Zone sites for Pennsylvania. To date,\u00a018 states and territories\u2014including Arizona, California, Colorado, Georgia, Idaho, Kentucky, Michigan, Mississippi, Nebraska, New Jersey, Oklahoma, South Carolina, South Dakota, Vermont and Wisconsin, as well as American Samoa, Puerto Rico and the U.S. Virgin &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/blogs.duanemorris.com\/projectdevelopmentinfrastructurep3\/2018\/04\/26\/pennsylvania-files-for-opportunity-zones-for-10-year-tax-deferred-investments-in-community-development\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Pennsylvania files for Opportunity Zones for 10-year tax deferred investments in community development&#8221;<\/span><\/a><\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[10,13,20,12,9,21],"ppma_author":[519],"class_list":["post-48","post","type-post","status-publish","format-standard","hentry","category-general","tag-community-development","tag-economic-development","tag-pennsylvania","tag-qualified-opportunity-fund","tag-qualified-opportunity-zones","tag-tom-wolf"],"authors":[{"term_id":519,"user_id":6,"is_guest":0,"slug":"duanemorris3","display_name":"Duane Morris","avatar_url":"https:\/\/secure.gravatar.com\/avatar\/843ff6e7a8fe5fc92109b47a45f34b6cf0ea499e6e788db23456c838b0ae6747?s=96&d=blank&r=g","0":null,"1":"","2":"","3":"","4":"","5":"","6":"","7":"","8":""}],"_links":{"self":[{"href":"https:\/\/blogs.duanemorris.com\/projectdevelopmentinfrastructurep3\/wp-json\/wp\/v2\/posts\/48","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blogs.duanemorris.com\/projectdevelopmentinfrastructurep3\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blogs.duanemorris.com\/projectdevelopmentinfrastructurep3\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blogs.duanemorris.com\/projectdevelopmentinfrastructurep3\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/blogs.duanemorris.com\/projectdevelopmentinfrastructurep3\/wp-json\/wp\/v2\/comments?post=48"}],"version-history":[{"count":0,"href":"https:\/\/blogs.duanemorris.com\/projectdevelopmentinfrastructurep3\/wp-json\/wp\/v2\/posts\/48\/revisions"}],"wp:attachment":[{"href":"https:\/\/blogs.duanemorris.com\/projectdevelopmentinfrastructurep3\/wp-json\/wp\/v2\/media?parent=48"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blogs.duanemorris.com\/projectdevelopmentinfrastructurep3\/wp-json\/wp\/v2\/categories?post=48"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blogs.duanemorris.com\/projectdevelopmentinfrastructurep3\/wp-json\/wp\/v2\/tags?post=48"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/blogs.duanemorris.com\/projectdevelopmentinfrastructurep3\/wp-json\/wp\/v2\/ppma_author?post=48"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}