The TCJA created new code Sections 1400Z-1 and 1400Z-2 related to qualified opportunity zones (QOZ), which are intended to promote investments in certain economically distressed communities through qualified opportunity funds (QOF). Tax incentives were included in the legislation to encourage investment in these funds.

Related IRC and IRS Publications and Forms

• IRC Sec 1400Z-1

• IRC Sec 1400Z-2

• Notice 2018-48 - List of QOZs

• Notice 2019-42 - List of QOZs

• Opportunity Zone Resources: https://www.irs.gov/credits-deductions/businesses/invest-in-a-qualified-opportunity-fund 

• Form 8996 - Qualified Opportunity Fund

• Form 8997 - Initial and Annual Statement of Qualified Opportunity Fund (QOF) Investments

• Form 8949 – Sales and Other Dispositions of Capital Assets