The 2017 Tax Act created a new investment vehicle called the Qualified Opportunity Zone (QOZ) Fund, for the purpose of spurring investment in thousands of economically distressed areas across the country. IRC §§ 1400Z-1, 2. To stimulate investment in QOZ funds, investors who have recognized capital gain from the sale of any asset can defer taxation of such gain by investing in a QOZ fund within 180 days of the sale. Additionally, they can be eligible for other tax benefits if they hold their investment in the fund for a specified time. Id. § 1400Z-2(a)(1), (b).
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