Navigating the New Opportunity Zones
The Internal Revenue Service on Oct. 19 issued the first set of regulations that clarify the Opportunity Zones Program—the first initiative of its kind in the last 15 years. Judging by the response it received so far, it might well be the most successful one. This first batch of rules will be followed by another by the end of the year.
“So far, the regulations have provided a balanced and reasonable regulatory framework for the opportunity zone program to be successful and allow private capital to fund local infrastructure and local projects that are in need of capital,” said Derek Uldricks, president of Virtua Capital Management—overseeing the capital formation functions and investor processing and securities compliance for the investment funds sponsored by private equity firm Virtua Partners.