The IRS announced several Opportunity Zone postponement dates so investors can fully take advantage of this investment opportunity. Read the full announcement to decide which updates pertain to your specific situation. Here are some highlights:
30-month substantial improvement period beginning April 1, 2020 and ending Dec. 31, 2020 is changed to beginning April 1, 2020 and ending March 31, 2021.
Working Capital Safe Harbor for qualified businesses may receive up to an additional 24 months to expend the working capital assets.
12-Month Reinvestment Period for QOFs is extended up to an additional 12 months to reinvest if it includes January 20, 2020 as part of the original 12-month investment period.
180-Day Investment Requirement for QOF Investors is postponed to March 31, 2021 if the last day of the 180-day investment period falls on or after April 1, 2020.
90% Investment Standard may be extended to June 30, 2021 if you qualify.