2C — August 9 - 22, 2019 — Pennsylvania — M id A tlantic
Real Estate Journal
www.marej.com
P ennsylvania
Rock Commercial Real Estate Uncloaking the Mystery of Qualified Opportunity Zones
y now, many of us have been hearing the latest three-letter buzzword, QOZ, which stands for Quali- fied Opportunity Zones. But what are QOZs, other than some type of tax deferment program? ROCK brokerage advisors Heather Kreiger and Greg Finkelstein shed some light on what the QOZs really mean for real estate and busi- ness in Central Pennsylvania. Q: Where are the QOZs lo- cated? A: Within the State of Penn- sylvania, there are 300 tracts now identified as Qualified Opportunity Zones. In Central Pennsylvania, the counties that were awarded QOZs include Lancaster, York, Lebanon, Dauphin and Cumberland Counties. Above are the exact locations of the Zones across our region, per the PA Dept. of Community and Economic Development. Q: What is a QOZ? A: Originally introduced in the Tax Cuts and Jobs Act of 2017, a QOZ is an economically- distressed community where new investments, under certain conditions, may be eligible for preferential tax treatment. Added to the tax code in De- cember of 2017, real estate B
When it comes to getting deals done in today's fast-paced market, time is more important than ever. We think waiting 4-5 weeks for an appraisal is unconscionable
a section of the MARE Journal 350 Lincoln Street, Suite 1105 Hingham, MA 02043 P: 781-740-2900 Pennsylvania continued on page 10C
and/or business investors can defer and reduce their tax on any prior gains that they have invested in a Qualified Opportunity Fund (QOF) un- til the investment is sold or exchanged, or December 31, 2026, whichever is earlier. This is accomplished by reinvesting capital gains into a QOF, an investment vehicle designed to stimulate economic growth and create jobs and business oppor- tunities in certain distressed and under-served communities. There are, however, a num- ber of blurry conditions that must be met, and complicated rules to be navigated. The conditions are being clarified by the IRS in the form of regu- lations, with the most recent
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