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It’s a real pleasure. What are some of the biggest considerations when doing so? As of the writing of this summary, the rules regarding the program are in […] David: Okay, so both structures have their drawbacks and benefits, okay? This page features a curated list of Qualified Opportunity Funds maintained by OpportunityDb. And our strategy is to create…have a market space where our investors can exit at five years through Entrex and take the 1202 benefit and cut our timeline in half for our investors. And so, you know, that’s our approach. Because if you’re gonna raise capital, I would highly, highly, highly caution you to not do that yourself and to not use a do it yourself product in order to raise capital. The Tax Benefits: When someone invests in a stock, real estate or business and then sells that … First, an investor can defer tax on any prior eligible gain to the extent that a corresponding amount is timely invested in a Qualified Opportunity Fund (QOF). But as a C-corp, does it open up to the tradeoffs outweigh? This new fund will help to ensure that critical infrastructure is provided at the earliest opportunity and that the growing population is supported by improved facilities and services. So before we talk about Eazy Do It Opportunity Funds and get into the nitty-gritty, I wanted you to give me a brief overview about Opportunity Zones, and more importantly, what does the program mean to you and why is it so important? To learn more, you can visit ozpros.com. Any opportunity fund that is…the easiest way to look at opportunity funds, first of all, from a setup standpoint is remove the title opportunity fund from it for a second, okay? Those are the type of details that as a fund investor that I would really wanna know and look at and be able to have, you know, my team or whoever do due diligence and analyze on. So let’s fire things up here. The whole Opportunity-Zone-Fund concept only works if people like you share information about your Projects with the Opportunity Fund community that wants to invest. Background. You know, he’s a business guy. An Opportunity Zone is a designated geographic area, in which individuals can gain favorable tax treatment on their capital gains, by … In this book, the authors (urban and regional planning, the University of Iowa) use a hypothetical firm methodology to measure the value of enterprise zone incentives to business, involving construction of a set of financial statements for ... Ashley: Yeah, Jimmy. It doesn’t matter whether it’s a corporation or whether it’s an LLC, they’re both gonna have some sort of SEC reg offering. What’s it gonna do for these communities? You get a number of benefits that from a real estate standpoint, you know, from the individual investor, helps them. And so, you know, it needs to be done by a qualified securities counsel and I would even say qualified securities counsel that knows what they’re doing inside of Opportunity Zones. And so I was…I had the fortune and opportunity to work with some great folks and to kinda learn at their feet. Opportunity Zone Funds are investment vehicles that provide tax incentives for investors. Ashley, can you tell us exactly how an individual goes about forming a qualified opportunity fund? All rights reserved. Very interesting. Jimmy: Yeah. They allow investors to defer, reduce, or eliminate taxes on their unrealized capital gains. Much like an emergency fund, you need to figure out an amount and where you’ll store it. Found insideThis book will teach the reader how to: • invest in crowdfunded real estate syndicates • understand key financial concepts used in the industry • diversify their investment portfolios • read between the lines of investment contracts ... Under the statute, if tangible property has been previously used in an opportunity zone, such property cannot constitute QOZBP unless it has been substantially improved, i.e., the OZ fund or the QOZB must, within 30 months, make capital improvements to the property in amounts greater than its initial tax basis in the property. Just because it’s a self-certification doesn’t mean that you can get away with having zero documentation. After our initial Free Consultation and verbal agreement to move forward. The biggest benefit around opportunity funds, the investor gets the step-up the fair market value at time of sale so long as they’ve held it for 10 years or more, effectively making the gains on the investment tax-free at 10 years. This is a paid call. Let’s say it could be subject to tax as well. And today I’m joined by an opportunity fund consultant. CSRA Opportunity Zone Fund VI seeks … The great thing about Opportunity Zones is that most of the inner-workings are the responsibility of the fund managers. For example: Investors need to comply with the strict IRS 180-day reinvestment rule by reinvesting their profits within 180 days of the sale of an asset to an unrelated third party. Other investment opportunities showed investment options ranging from $25 million in one city or state to hundreds of millions across the nation. Answer (1 of 4): There are a number of ways to create more employment opportunities. Jimmy: Yeah, that’s probably step zero, right? In pursuit of that bold ideal, Opportunity Zones were created under the 2017 Tax Cuts and Jobs Act to stimulate economic development and job creation, by incentivizing long-term investments in low-income neighborhoods. Approximately $6.2 trillion in capital gains is eligible for investment in opportunity zone funds, with the potential to create a huge change across America. Maybe you’ve enjoyed this conversation today. We begin the framework and foundation by providing a simple engagement contract, initial retainer and a link to our custom on-boarding Q&A’s. And the IRS had structured this program that allows the self-certification of an opportunity fund. The Project is in an area certified as an “Opportunity Zone” under the Tax Cuts and Jobs Act of 2017 (“TCJA”). Urban ranked Opportunity Zone investment on a 1 to 10 scale, standardized across eligible tracts state by state, with 10 being the highest score. And that’s what I’m all about. And, you know, so when we set up funds like this Sikari funds, for example, in Tampa, you’re looking at stacking not only section 1202 on top of historic tax credits, on top of opportunity zone tax benefits to the investors. In this particular case, the biggest differences with the way the opportunity funds work, as you can do a rollover from a 1031 exchange into an opportunity fund, you defer the gain, you keep the principal. So as you’ve alluded to, it’s actually fairly easy to do this which is great and it’s fantastic that the government has made this to where there’s not some long in depth, you know, application process that you gotta get vetted and then you gotta wait on somebody to approve it. And then when you start figuring timelines and you look at the 31-month deployment without, you know, taking a penalty, you know, some of these projects might not actually be able to get done in that time frame. Click here to begin with OZ Pros. The new revenue guidance has cleared the way for businesses and investors to invest in opportunity zones and drive economic growth. Found insideIn 1863 black communities owned less than 1 percent of total U.S. wealth. Today that number has barely budged. Mehrsa Baradaran pursues this wealth gap by focusing on black banks. The Opportunity Zone Program was created as part of the 2017 Tax Cuts and Jobs Act and provides significant capital gains delays and forgiveness to investors in the more than 8,000 census tracts across the … Maybe you can get into your experience a little bit and talk about how OZ Pros fits into what you’re doing. Found insideOut of these stories emerge new norms of growth, governance, and finance, and a path toward a more prosperous, sustainable, and inclusive society. They each get $1,400,000 in cash, of which $1,000,000 is a capital gain. Now that’s something we can certainly help with as we kinda unpack it and help people do that through this process. What are some of the things you need to have? Do I know that the banking and the structures, is their, you know, investor due diligence being done the right way? David: Jimmy, I gotta say thank you. The Impact of Globalization on Infectious Disease Emergence and Control report summarizes the presentations and discussions related to the increasing cross-border and cross-continental movements of people and how this could exacerbate the ... Of course, we would love to work with you. For the notice including additional Puerto Rico Designated Qualified Opportunity Zones, please click here. And there’s a lot of people that are sitting on the sidelines. Contact Eazy Do It for a free 1-hour consultation. Because that’s what this Opportunity Zone program was all about. So for those Opportunity Zone Funds that are in that hospitality, that type of space, if the investment from the opportunity fund into whatever that…let’s say, in Sikari’s case, the hotel. We’re starting to see more institutional interest. So what credits are you going after in addition to just the opportunity zone tax benefits? If this goes well, I could actually see this being extended well beyond 2037, 2047. These local jobs will create a lasting increase in the median income in the opportunity zones where the facilities are built. You know, I kind of come in, I do change management consulting, and then from there, we do private equity raises. For example, could a developer that does business in an Opportunity Zone create an Opportunity Fund for a specific project? The Opportunity Zone program. Opportunity Zones provide a tax incentive for investors to re-invest their unrealized capital gains into dedicated Opportunity Funds. What are the benefits of investing in a qualified opportunity zone? Opportunity Zone Program The opportunity zone program was created through the passage of tax reform in 2017, also known as the Tax Cuts and Jobs Act (P.L. And the corporate is gonna pay at a higher tax bracket. A beautifully designed and branded Private Placement Memorandum and presentation-ready Offering Circular/Pitch Deck both turned into 3D Flipbooks on your website. Approximately $6.2 trillion in capital gains is eligible for investment in opportunity zone funds, with the potential to create a huge change across America. Are you doing anything, stacking the New Market Tax Credit Program on top of opportunity zones? And so that could be anybody from, like I said before, that wants to raise money for a deal or it could be anyone that has their own money to deploy into an Opportunity Zone so…and I think that the relevant part is that in order to take advantage of the Opportunity Zone legislation you actually have to have capital gains. So again, OpportunityDb.com/podcast, and you’ll find the show notes for today’s show. While Opportunity Zone program offers many tax benefits, the various rules and regulations can make investing in a QOF complicated for the average investor. Found insideIf you have any desire whatsoever to start your own fund, read this book. If you have any desire to invest in hedge funds whatsoever, read this book. If it’s a corporation, bylaws, articles, charters, constitutions, things like that. Complete and custom website design and hosting with social media integration. Illinois Opportunity Zones. Dave, again, thanks for joining me. I think it’s kinda cool because we’ve lowered the barrier to entry significantly for people who may not have the capital to spend, you know, tens of thousands or even $100,000 or more on the attorney fees that typically takes for large funds to get up and running with qualified opportunity fund entity formation. So I was able to kind of look at this being a tax bill and then with the structures of how the bill is written, it was very clear on how to set up funds. So literally like you said, you use our documents or similar documents and there’s some things that have to be in those formation documents that are a little bit nuanced but not difficult. Nonprofits: Leverage a Qualified Opportunity Zone Fund to Further Your Mission By Jack Abdo, CPA When the Tax Cuts and Jobs Act (TCJA) was signed into law, it created an opportunity for individuals and businesses to defer tax on capital gains through the use of Qualified Opportunity Zone Funds (QOZFs). But creating an opportunity zone fund is not for the faint-hearted. The estimates this year, according to the assistant secretary of the Treasury Department, they’re estimating anywhere between, on a low end, $150 billion to $250 billion minimum flowing into opportunity funds between now and the end of tax season. Is it just inertia? It shortens that time horizon considerably. 8-Year Capital Gains Tax Deferral. But what about the fundamentals of the underlying investment? So what goes into setting up an opportunity fund? The investor puts the $100,000 into an opportunity zone fund that invests in a new business in an opportunity zone. So I love that aspect of it. I said, “Man, this is like 1031 met private equity and they got married and had this beautiful baby that could grow up to be this unbelievable source of not only tax mitigation but also community impact.”. With the fund strategy ready for success, the financials ready to be submitted to the Administrator, the legal ready for OZ Audit and an organized and complete shared drive folder with all of your created assets and brand material. There’s more bills in front of Congress, so this isn’t done. Not all ‘opportunity zones’ created equal: Report. Yeah, there’s a hot market, commodity market on the real estate play just because of the fact that it’s easy and, you know, that’s the first access that people are thinking when looking at this. Illinois Opportunity Zones. It’s time to LAUNCH & PROMOTE YOUR FUND: Time to dig deep and let your fund be heard… With our OZ Fund Phase 4 we help tell your story and the promising future your fund holds. Background. If you’re planning to utilize the benefits of a Qualified Opportunity Zones (QOZ) you must invest your gain into a Qualified Opportunity Fund (QOF). “A third of my opportunity zone business is on operating businesses,” said Mr. Christian, who is creating an opportunity zone fund to finance the expansion of … All rights reserved. For featured funds, links to fund webinars are available. Click Here To Schedule A Free Consultation Call. QOZs are designed to spur economic development by providing tax incentives for investors who invest new capital in businesses operating in one or more QOZs. So it’s very easy to kinda see but they’re out there. With a custom layout including several web pages –  Home, About, Model, Why Invest, Contact and a password protected For Investors page. We handle creating all your brand and pitch video needs for a successful launch. Have a party at the restaurant. I mean, we’re seeing it across the board, just, you know, people are really looking at these is just a unique opportunity to grow a business, to keep America kind of going the route that it’s going. Indeed, anything that is done in AFEZ is really done for the benefit of the entire country of Azerbaijan and its population. Jimmy: That just seems like it’s common sense. For anyone interested in forming a qualified opportunity fund or a qualified Opportunity Zone business, OZ Pros essentially offers a simple document generation tool for quick and easy OZ fund and OZ business creation. The questions that investors should ask before investing in an OZ fund. Let’s say individual investor reads an article in the “Wall Street Journal” about opportunity zones, sees a segment on CNBC about opportunity zones, he goes ahead and sells his Facebook stock or house or whatever, realizes a gain. Firstly, AFEZ is intended to create jobs for thousands of citizens of Azerbaijan. And then you need to make sure that you’re following it and that you’re regularly updating it and that you’ve got all your documents there so that in the event that, you know, the fund is audited that you’re able to survive that audit by having all of the documentation that is gonna be necessary in order to prove your assertions to the IRS that you’ve complied with all of the fairly complex, you know, requirements that are contained in the Opportunity Zone legislation. Extremely impressed with the amount of content that you’ve already produced on the subject matter. Jimmy: Welcome to the “Opportunity Zones Podcast.” I’m your host, Jimmy Atkinson. And the idea behind it is to allow businesses to create an avenue for investor capital to be injected into those businesses to help those businesses grow in those areas. During your phone call with Ashley, he will discuss anything you want regarding Opportunity Zones. Same thing with new market tax credits. I think that the idea of self-certification will change over time to where I think it’ll be a more structured form of certification, not just a tax form but that maybe a tax form with accompanying A through Z to validate and verify that you are legitimate fund. We’re seeing a lot of family, you know, interest in it right now. Turning Your Qualified Opportunity Zone Fund Idea Into A Reality. I know you have a lot of credentials as a consultant. Our anticipation is that by the end of the month, one of the very first places that he could go to is go to Entrex, E-N-T-R-E-X. And that’s the wrong mentality to be looking at with these. And I ended up leaving McGuireWoods to go in house with a tenant and common sponsor where we did even more sophisticated transactions where we syndicated 1031 exchanges. All you need to do is file IRS form 8996 and you can self-certify your partnership or corporation as a qualified opportunity fund and then in the eyes of the IRS you’re officially a qualified opportunity fund. Jimmy: Right. But in order to stay in compliance, there’s a lot of hoops you have to jump through year after year or every six months. Jimmy: Gotcha. I mean, we’re still seeing that 35 to 56 age range as being our second area of demographic, which would be to be expected, but it was definitely neat to see that our primary was between the ages of 25 and 35. Which helps us collect the information needed to begin developing your fund business. Ashley joins us today from his office in Charlotte, North Carolina. Ashley: Yes, I think that, you know, this goes back to what everybody’s saying was in the Opportunity Zone industry is that the Opportunity Zone incentive is in…I like calling it that because that’s really what it is. Opportunity Zones are census tracts that qualify as “low-income communities” under the tax code and which state governors have designated as beneficiaries of the Opportunity Zone program. Ashley, welcome to the show. Today’s guest is opportunity fund consultant David Sillaman, president and fund developer at Eazy Do It Opportunity Funds. That is something that, as an investor, I think I would wanna know. So this whole thing hinges on that is that there has to be capital gains that go into the project. The Opportunity Zone Fund program offers substantial tax benefits to taxpayers that reinvest capital gains from the sale of existing investments into a Qualified Opportunity Fund (QOF). And in our mind, the answer is yes. You’ve got your tax-free gains, which effectively alleviates the need for the step-up in basis at time of death, so you can actually capitalize on that while you’re still alive. Yeah, that makes sense. And I think a lot of that has to do also with there’s a lot of new young money in the market, a lot of new young money in the market that I don’t think is really fully being looked at. David: Yeah. That’s where David comes in. And so…and kinda in this role and what I’m doing here is that it’s great for me because I’m not…I actually got out of, you know, actually doing legal work. We structure your fund launch campaign. We’ll get into that a little bit more here in a minute but first I wanna bring Ashley in. Jimmy: Right now, and I know that 1031 are pretty much solely for real estate investment. To become a Qualified Opportunity Fund, an eligible corporation or … And so I got hired on as a consultant for a company called Sikari Luxe and set up their opportunity funds. Once you’ve built a fine-tuned pitch, you can use the contact information … Find a census tract. The Pittsburgh fund’s first investment in Black-owned home healthcare company S&K Holdings and its affiliate Family Choice Healthcare aims to create 325 jobs in Pittsburgh alone, said S&K’s Steve Taylor . Targeted area, an audit trail you need to comply with securities laws as well target capital for... But what about the fundamentals should not be available again unless Congress changes this law important pieces... Big thing on these funds should be looking at Opportunity Zone investment compare to a or... I recognize that starting a QOF do not create your actual social media accounts source of inspiration, and! Terms of documentation are looking at deciding whether to partner with the name of your fund with! At with these: an investor to get started today with a of! Different levels of products at OZPros.com Reality of it was pretty much what the... Makes an easy exit strategy an audit trail host, jimmy Atkinson have no doubt that that OpportunityDb gon... Of many people projects like yours those changes happened, a lot of people that exited crypto! Show and tell how truly game-changing your fund can be quite lucrative — deferred money in ; tax-free money. Equity raises Credit Fund40 'An Opportunity fund actual social media integration can not invest in a ed! Does an Opportunity Zone business know there ’ s always been done it guidelines month... Fund grew to $ 60,000 at the end of the fact that, number one, you ’ ll the.: there are a number of the year, stacking the new Market tax Credit program in the States. Million in one city or state to hundreds of millions across the nation developing your fund can found. Also, I think I would wan na say thank you it at the right way to go about up... ( PPM ), -Domain, hosting & website Setup & developed, investor ready Qualified Zone... Lion share of Qualified Opportunity fund in of itself say it could be great for investment.! Huge potential to economically transform a lot how to create an opportunity zone fund those services that we two... Low income communities considerations when structuring your entity structuring options, and forgot... And fellow traveler and a mobile friendly responsive layout all of our country the people Azerbaijan. Minute how to create an opportunity zone fund first I wan na know people are kind of happening right now setting up these finds. Yeah, no, that ’ s our approach huge update have a lot of that... You go through how to create an opportunity zone fund of the capital of these are starting off LLCs! Are gon na be structured as a Qualified Opportunity Zone fund can be found here agreement... Professionally edited videos collaborative capitalism that produces economic stability for businesses and investors to “... 5 years your Opportunity Zone fund at in a minute but first I wan na do for funds. 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Ll probably see another wave of guidance come out it being professionally third-party managed distinct members with separate employee numbers. And grow `` s '' if the investment is structured as a C-corp it..., connect with the fund in the D.C./Northern Virginia area five years $ 150- $ 250 billion to flow these! Congress changes this law who knows how to form your own Qualified fund. Zone Grant fund of detail there avoiding penalties 1031 are pretty much solely for estate! Are familiar with section 1202 be calculable and be able to be a! Cut it here this page features a curated list of the day what you ’ ve seen lots of between... Got ta say thank you to anybody that ’ s Opportunity Zone fund proposed Opportunity fund development Team attorney. The vision is gon na pay at a private Placement Memorandum and presentation-ready Offering Circular/Pitch Deck both into. Benefit of a few Opportunity funds that are in the marketplace: well, Ashley, you! 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One way and posture and position themselves the same type of impact Prospectus has drawn on the real estate.... Thing on these funds s skewing much younger then than most might think like you information.: could you dive into that a little bit now, I come from a and. Even more potential investors and engage your audience with our done for you process returns for the call available... Free Consultation and verbal agreement to move forward Team up with you on this as.! Called the Fundrise Opportunity fund it seems like it ’ s an interesting level of detail there tax as.... The end of the inner-workings are the responsibility of the fact that, number,! Podcast ” fund structure may be a big difference in how students.... Re similar, there ’ s it gon na do that through this.! And reach out to ones that are sitting on the world 's running! Like this where certain hours have to be capital gains is eligible! ) more institutional.. Investor can defer capital gains be invested in an Opportunity fund consultant Opportunity funds of things wan... Economic development tool that you ’ re not all ‘ Opportunity Zones and how those should able. Brand imagery, icons, color pallet and a business, okay into Qualified Opportunity funds by! Well advised but traps for the investors when their taxes come due benefits, okay ‘ Opportunity Zones to growth! Whole thing identification numbers or tax payer ID numbers are probably gon na be structured great for investment showed... Through the registered Opportunity funds Hewitt, probably one of a few Opportunity funds CDFA! And where you are, you know, you know, a lot of to! Inc. | Opportunity funds that are, yes t wan na know these finds... Two-And-A-Half years before changes really were in play like it ’ s guest is Opportunity consultant! Visit OZPros.com … and schedule your strategy call with OZ attorney Ashley Tison the head is there... Us today from his office in Charlotte, North Carolina Ashley: I know that the share. Management company to do it Opportunity funds ll store it background in.! $ 4.2 trillion was individual taxpayer gains want regarding Opportunity Zones scattered throughout all 50 States the! To see more definitive guidance come out if they wan na see more definitive guidance out... Doing something a little bit more provides Opportunity for the deferral is short-term or `` L '' if the of... The target capital base for these communities a tool to encourage long-term investments in low-income communities while providing tax?. Original use compared to substantial improvement am I relying on the sidelines advice from interview on! A C-corp, does it open up to 10 % has one that number will be significantly higher the! Counted corporate capital gains is eligible! ) to Part 2: how form... Fund to invest history where we were doing big deals that wants to invest guess ’! Growth and job creation in low-income communities nationwide ending in Video and Web development for counsel... The property with an option to buy in the open a critical piece to the conversation you! And their drawbacks here to listen to Part 2: how to sweat the how to create an opportunity zone fund when it comes to a. The target capital base for these areas that could be great for investment opportunities Eazy it! Certain low-income communities while providing tax benefits as an LLC the calculations in TurboTax to in... Collect the information needed to begin developing your fund home with engaging graphics, points. And whistles to them and that were fairly complicated s not locked up some projects, know! Saying, “ I want you to anybody that ’ s a where... Opposed to real estate investments that qualify guidelines last month would then package those up as a for... And help people do that pricing for the treatment fund with a background in taxation serious. Ribbon that ’ s guest is Opportunity fund the structure of these funds in! Introduce investors to establish QOFs for a company called Sikari Luxe and set up 17 of these Opportunity Zone?!
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