Opportunity Zones

NES Financial Extends Market Leadership with its Opportunity Zone Fund Administration Platform

NES Financial, a Silicon Valley FinTech company providing technology-enabled solutions for the efficient back- and middle-office administration of complex financial transactions, announced today that it has contracted to provide its 30th Opportunity Zone client with its purpose-built Opportunity Zone Fund Administration Suite. “With our Silicon Valley DNA and Big-Four accounting sensibilities, we continue to develop our [...]

Opportunity Zones Q&A: Are Distributions from an OZ Fund Taxable as Ordinary Income?

In hosting our Opportunity Zones webinar series, we’ve received many great questions covering a wide range of important topics. To help further your understanding of this exciting program, our General Counsel, Kelly Alton, a nationally recognized tax attorney who previously worked at the Office of Chief Counsel of the Internal Revenue Service National Office in [...]

NES Financial to Administer Funds for Entertainment Venues in Opportunity Zones Across the Country

Specialty financial administrator NES Financial announced today that it has contracted to provide its purpose-built Opportunity Zone Fund Administration Suite to Hotbed Entertainment Group, which includes key players behind Blue Man Group and other now-iconic stage productions, as they develop new music and theater venues in New Orleans and three other cities in the U.S. [...]

Opportunity Zones Newsletter Week of June 3, 2019

Comments to the Treasury on Data Collection and Tracking for Qualified Opportunity Zones Nonprofit affordable housing advocate Enterprise Community has published its comments on the latest round of OZ guidance. “Enterprise believes the collection and public reporting of meaningful data on qualified opportunity funds (QOFs) and their investments into designated Opportunity Zones (OZs) are critical first steps towards ensuring the OpportunityZones tax incentive [...]

investUS Chooses NES Financial to Administer $100 Million Opportunity Fund

NES Financial announced today that it has been contracted to provide its purpose-built Opportunity Zone Fund Administration Suite to investUS — a New Mexico­–based Opportunity Fund that plans to deploy $100 million into real estate and business projects in Opportunity Zones (OZs) around the country. investUS’s management says it takes a “triple bottom line” investment [...]

Understanding Opportunity Zone Funds and 1031 Exchanges

What are Opportunity Zones funds and 1031 exchanges? Both Opportunity Zone funds and 1031 exchanges are ways of reinvesting gains from the sale of property into other property in order to avoid current taxation and obtain valuable tax benefits. Both regimes were created by Congress and codified in the Internal Revenue Code. Both are important [...]

Opportunity Zones Newsletter Week of May 27, 2019

Opportunity Zones Give Big Law ‘Pop-Up’ Teams Plenty of Work The pop-up teams tackle thorny issues relating to the new law, which attorneys call "unusually broad." A number of Big Law firms have created “pop-up” working groups of tax, real estate, and private funds lawyers specifically to advise Opportunity Zone clients. In fact, the new OZ space may turn [...]

Urban Catalyst Chooses NES Financial to Administer First San Jose Opportunity Zone Development

NES Financial announced today that it has been contracted to provide its purpose-built Opportunity Zone Fund Administration Suite to Urban Catalyst — a San Jose–based Opportunity Fund that plans to develop a 65,000-square-foot mixed-use space within one of the city’s Opportunity Zones as their first project. They also have five additional projects in their Opportunity [...]

Opportunity Zones Newsletter Week of May 13, 2019

EIG Applauds Bipartisan Bill on Opportunity Zones Reporting Requirements The Economic Innovation Group welcomed bipartisan Congressional action to affirm the importance of investment transparency in Opportunity Zones. “This bipartisan legislation will provide transparency regarding how and where capital gets deployed by Opportunity Funds,” said EIG President and CEO John Lettieri. He also said it [...]

Opportunity Zones Newsletter Week of May 6, 2019

Will New Opportunity Zones Rules Propel an Office Boom? The new regs could make it easier for businesses to qualify for tax breaks. The April rules clarified a number of developers’ most pressing concerns about how a property could be refinanced, and how much time real estate funds had to buy and reinvest in Opportunity Zone properties. READ THE FULL [...]