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BECKER: THE OPPORTUNITY ZONE EXPERTS

Becker is in a unique position to advise on Opportunity Zone investment, and the related issues that may arise in conjunction with participation in the program.

Becker offers an A to Z suite of practice areas necessary to help you understand and implement your strategies for participation in the Qualified Opportunity Zone program whether you are a public entity, developer, or investor. We understand that operating in this space requires a cross-practice, multifaceted approach to navigating the policy, logistical, legal, and regulatory hurdles that may arise. Our multi-disciplined team of government policy, real estate, construction, public-private partnership (P3), corporate, and estate planning professionals collaborate to advise and provide full-service guidance to educate clients about the program, evaluate whether the program is consistent with client goals, address legal and regulatory hurdles, and help execute engagement in the program.

ABOUT OPPORTUNITY ZONES

The program provides a tax incentive for investors to re-invest their unrealized capital gains into so-called “Opportunity Funds” that are dedicated to investing into state-designated Opportunity Zones. The sites are chosen by the state and then approved by the Federal government.

8,761 communities in all 50 states, D.C. and five U.S. territories have been designated as Opportunity Zones, including 427 Opportunity Zone sites in Florida alone. These communities present both the need for investment and significant investment opportunities:

  • Average poverty rates of 32 percent compared with a U.S. average rate of 17 percent.
  • Unemployment rates 1.6 times higher than the average U.S. census tract.
  • Median family income on average 37 percent below the state median.

Under the program, individuals and other entities can delay paying federal income tax on capital gains until as late as December 31, 2026 if those gains are invested in “Opportunity Funds” that invest at least 90% of their assets in businesses or tangible property located in low-income areas designated as Opportunity Zones. The tax benefits could reduce the cost of capital for these projects, making them more viable, especially when paired with other development incentives like the New Markets Tax Credit. Congress intended that the OZ program operate with minimal restrictions in order to maximize investor participation and thus economic activity and job creation.

Investors who invest the amount of prior capital gains in these designated Opportunity Zones benefit in two ways.

  1. The program provides a tax incentive for investors to re-invest their unrealized capital gains into so-called “Opportunity Funds” that are dedicated to investing into state-designated Opportunity Zones. The sites are chosen by the state and then approved by the Federal government.
  2. 8,761 communities in all 50 states, D.C. and five U.S. territories have been designated as Opportunity Zones, including 427 Opportunity Zone sites in Florida alone. These communities present both the need for investment and significant investment opportunities.

ECONOMIC BENEFITS

Developing Communities

Opportunity Zones represent more than a simple tax break – they are a powerful vehicle for bringing economic growth to communities that need it most, but have not had the investment historically to independently create jobs, build environments to incentivize business relocation, or increase the quality of life for their residents. Opportunity Zones can help create momentum in communities that need a boost in their economic recovery efforts, representing a vital new funding opportunity for cities and counties throughout the country.

The Becker QOZ Team provides a full spectrum of cross-practice services to help fund sponsors, cities/counties, developers, innovators, and investors understand and implement this new program in order to unlock its full investment potential.

Who Should Participate in the OZ Program?

This program will have numerous stakeholders representing an equal number of perspectives, including:

  • Cities, Counties and Community Redevelopment Associations
  • Fund sponsors
  • Real estate developers
  • Public/Private Colleges and Universities
  • Innovators and Tech Startups
  • Family Offices, Institutional and Private Investors

ADDITIONAL RESOURCES

Treasury Regulations

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Opportunity Zone Summary

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Proposed Opportunity Zone Regulations

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IN THE NEWS

National

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  • Grand Forks redevelopment proposals would transform Townhouse, Memorial Stadium, St. John’s Block
    25 Oct 2020 13:31
    Grand Forks Herald - North Dakota On Oct. 19, the Grand Forks City Council accepted a pre-application for tax incentives from Epic Companies, under the name of Epic Holdings II, for the proposed development called The Beacon. The project comes with a price tag of nearly $50 million and is …

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Florida

  • Biden Assails Trump on Virus as the President Campaigns in Florida
    23 Oct 2020 21:38
    The New York Times LiveUpdated  Oct. 23, 2020, 5:20 p.m. ET Oct. 23, 2020, 5:20 p.m. ET More than 50 million Americans have already voted. A man affiliated with a far-right group was charged with participating in the destruction of a police precinct in Minneapolis during …

  • TV ratings for the final Trump-Biden debate fell short of the first.
    23 Oct 2020 19:38
    The New York Times LiveUpdated  Oct. 23, 2020, 3:10 p.m. ET Oct. 23, 2020, 3:10 p.m. ET Their final debate now behind them, the presidential candidates began the final stretch, with President Trump heading to Florida today and Joe Biden set to speak about his plan for the …

  • Trump presses a peculiar hometown strategy: attack New York.
    23 Oct 2020 16:54
    The New York Times LiveUpdated  Oct. 23, 2020, 12:51 p.m. ET Oct. 23, 2020, 12:51 p.m. ET Joe Biden and President Trump clashed over race, the environment, taxes, the coronavirus and foreign policy. Over 50 million Americans have voted, already exceeding 2016’s early-vote …

  • Over 50 million Americans have voted, already exceeding the early-vote total for 2016.
    23 Oct 2020 14:14
    The New York Times LiveUpdated  Oct. 23, 2020, 10:13 a.m. ET Oct. 23, 2020, 10:13 a.m. ET Joe Biden and President Trump clashed over race, the environment, taxes, the coronavirus and foreign policy. Mr. Trump will campaign in Florida today, and Mr. Biden will give a speech …

  • After Final Debate, Campaigns Enter Homestretch
    23 Oct 2020 11:22
    The New York Times LiveUpdated  Oct. 23, 2020, 6:56 a.m. ET Oct. 23, 2020, 6:56 a.m. ET Joe Biden and President Trump clashed over race, the environment, taxes, the coronavirus and foreign policy. Trump will campaign in Florida on Friday, and Biden will give a speech in …

FORT LAUDERDALE

In Fort Lauderdale, The Opportunity Zone
Capital Is Ready To Move

November 7, 2018

View Article
Becker shareholder chair Philip C. Rosen speaking at a Bisnow event.

BECKER’S UNIQUE CAPABILITIES

Government Law and Lobbying

Our Government Law and Lobbying practice educates entities on the development of investable projects; advises on regulatory considerations related to organizing and operating Opportunity Funds; advises public clients on complimentary funding mechanisms; hosts presentations and speaking engagements on the QOZ program as the program continues implementation; and, continues to follow regulatory and statutory progress providing advocacy as needed.

Real Estate

Real Estate Law has been a core practice for Becker since its founding in 1973. Our clients include national developers, business and property owners, and financial institutions. The firm’s Real Estate attorneys have helped shape the local landscape through representation of developers of multi-family and single-family residential communities; business and property owners; and financial institutions. They have represented clients in the successful acquisition, financing, development and sale of all types of unimproved land and improved properties for residential and commercial use, including large land assemblages, major office buildings and office parks, shopping malls and centers, luxury hotels and resorts, condominiums and multi-family housing projects.

Construction Law and Litigation

With one of the largest, dedicated teams of Board Certified Construction attorneys, Becker’s Construction Law Practice Group is well-known nationally for its knowledge of the construction industry and experience effectively protecting the interests of its clients. Our construction attorneys represent clients in both transactions and disputes ranging from single- and multi-family dwellings to large commercial buildings, planned unit developments, multi-use retail, industrial and governmental projects.

Public, Private Partnership (P3)

As QOZs are designated based on community statistics, many zones are densely residential areas, where large-scale development may prove difficult. While 90% of Opportunity Zone funds must be invested inside the QOZ, remaining investment for joint projects may extend outside of those boundaries, where additional investment may be needed to complete multi-phase projects. Becker’s Public, Private Partnership (P3) team has proven public and private sector knowledge, experience and contacts to assist governmental entities and private businesses and entities seeking to partner on public facilities projects.

Corporate Law

Becker’s Corporate Practice Group takes pride in quarterbacking our clients’ transactions and focuses on closing. We consider your success, our success. Among other areas, our New York, Florida, and New Jersey-based team handles Asset Protection, Wealth & Business Preservation; Broker-Dealers & Investment Advising; Private Funds; Intellectual Property; Capital Markets; Private Equity; Corporate Tax Transactions and Planning; and, Tax Controversies.

CONTACT US

Opportunity Zones are an important stepping stone to wealth creation in low-income communities and opportunity for businesses and investors to bring jobs and development into these neighborhoods. Your Becker & Poliakoff team is immediately ready to partner with you in this fast-moving opportunity.

Government Law and Lobbying

FEDERAL

CW-Bio-Magenta

Clarence Williams

Senior Government Relations Consultant

202.621.7122

CWILLIAMS@beckerlawyers.com

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STATE (Florida)

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LOCAL (Florida)

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Nicholas G. Matthews

Senior Government Relations Consultant

954.985.4135

NMATTHEWS@beckerlawyers.com

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Construction
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AaronPruss-magenta
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Public, Private Partnerships (P3)
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Jennifer Bales Drake

Shareholder

954.985.4113

JDRAKE@beckerlawyers.com

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Real Estate
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JBD-Bio-Magenta

Jennifer Bales Drake

Shareholder

954.985.4113

JDRAKE@beckerlawyers.com

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Corporate
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RCB-Bio-Magenta

Robert C. Brighton, Jr.

Shareholder

954.987.7550

RBRIGHTON@beckerlawyers.com

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