NAR joined with other housing related groups led by the Real Estate Roundtable requesting several changes to the Opportunity Zone program. The letter asks for the following:
- Allowing non-capital gain rollovers to also receive tax-favored status;
- Allowing real estate inside an Opportunity Zone investment to be considered have been substantially improved if 50% of the cost of the property is spent on improving it (down from 100% under the current law);
- Providing that the capital gain tax rate that applies to the deferred gain on the prior rollover is the same as today’s tax rate;
- Resetting the holding periods for excluding a partial gain from the rollover of current capital gains;
A copy of the letter is HERE.
More information about Opportunity Zones is HERE.