Anyone super familiar with "opportunity zones?"

[Katrina Razavi]

Hi BP Friends! I was intrigued by the topic of "opportunity zones" discussed on the BP Podcast episode 269 (the one about RE & taxes).

As I understand it, it seems almost like a "1031 exchange" type of investment vehicle but rather than property<>property, you could use other equity assets like stocks or mutual funds to invest in designated opportunity zones in low income neighborhoods via opportunity zone funds. It was recently passed with the new tax legislation.

I've been trying to research this on my own, but haven't found a ton of info or any definitive experts who know a lot about this topic so wanted to see if anyone here is familiar with this or are thinking about creating a "opportunity zone fund" to take advantage of this program?

Thank you!

[Adrian Chu]

In case you haven't seen the new clarifications from last month:

https://www.irs.gov/newsroom/treasury-irs-issue-proposed-regulations-on-new-opportunity-zone-tax-incentive