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ARTICLE · 22 JANUARY 2021

IRS Further Extends Opportunity Zone Timelines

Buchanan Ingersoll & Rooney
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In light of the continued effect of the COVID-19 pandemic on the economy, the IRS has issued additional guidance providing extended relief from tax deadlines and timetables relevant to the...

United StatesTax
Lisa M. Starczewski
Lisa M. Starczewski
Mitchell I. Horowitz
Mitchell I. Horowitz
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In light of the continued effect of the COVID-19 pandemic on the economy, the IRS has issued additional guidance providing extended relief from tax deadlines and timetables relevant to the opportunity zone (OZ) program. The IRS issued Notice 2020-39 on June 4, 2020, which provided extensions to Qualified Opportunity Fund (QOF) investors, QOFs and Qualified Opportunity Zone Businesses (QOZBs) with respect to specific regulatory requirements applicable to each. On January 19, 2021, the IRS issued Notice 2021-10, which provides additional extensions of time for all of these requirements, as described below.

The 180-Day Requirement

A QOF investor has a 180-day time period within which to make an investment of deferred capital gain into a QOF. In some cases, a taxpayer will have a choice of 180-day investment periods.

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