Alerts6.9.20
IRS Extends Opportunity Zone Deadlines
Highlights
IRS extends to December 31, 2020, a 180-day investment period ending on or after April 1, 2020
Failure of a qualified opportunity fund (QOF) to satisfy 90 Percent Asset Test disregarded for period April 1, 2020, through December 31, 2020
30-month substantial improvement period for designated properties tolled for period April 1, 2020, through December 31, 2020
Working capital safe harbor extended for up to 24 additional months
12-month reinvestment period for QOFs may be extended for up to 12 additional months
In response to the COVID-19 pandemic, IRS Notice 2020-39 extends several deadlines relating to the opportunity zone program and provides welcome relief for investors and qualified opportunity funds (QOFs).
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