Tax,
Real Estate/Development
Mar. 19, 2020
Qualified opportunity zone projects have ‘up to’ 24 more months due to COVID-19
On March 13, President Donald Trump declared the COVID-19 outbreak to be a nationwide emergency. This declaration has important consequences for qualified opportunity funds and their subsidiaries.
Michael Wiener
Partner
Greenberg Glusker Fields Claman & Machtinger LLP
On March 13, President Donald Trump declared the COVID-19 outbreak to be a nationwide emergency. This declaration has important consequences for qualified opportunity funds and their subsidiaries. In general, qualified opportunity zone businesses have 31 months to expend their working capital. Thanks to the president's emergency declaration, qualified opportunity zone businesses in all 50 states should now be entitled to "up to" 24 additional months.
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