Shipman & Goodwin is expanding its services with the creation of a multi-disciplinary Opportunity Zones team to assist clients seeking significant tax incentives through the recent Qualified Opportunity Zones program. Experienced attorneys from the firm’s Tax, Business and Finance, and Real Estate practices are now available to advise corporations, partnerships, limited liability companies, investors, developers and individuals on how to establish eligible investment vehicles (known as Qualified Opportunity Funds).
The purpose of the program, which was included in the Tax Cuts and Jobs Act of 2017, is to encourage investment in economically distressed urban and rural communities that will spur economic development and job creation. Eligible investment areas have been designated by state governors as Qualified Opportunity Zones and are now available in all 50 states, the District of Columbia and 5 U.S. territories.
Attorneys on the team provide guidance on the full range of rules, eligibility requirements, exemptions and compliance requirements involved in establishing Qualified Opportunity Funds. An interactive map identifying the Opportunity Zones for the state of Connecticut is also available on the firm’s website. In addition, the firm offers complimentary webinars (as part of its Knowledge Center for Continuing Legal Education) and e-newsletters to keep clients informed of additional developments, guidance and clarifications issued by the U.S. Treasury Department and the Internal Revenue Service.