IRS Releases FAQ on Opportunity Zones, Taxpayers Will Self-Certify to Become Qualified Opportunity Fund

The IRS recently released a Frequently Asked Questions document on Opportunity Zones. The document specifies that eligible taxpayers will self-certify to become a Qualified Opportunity Fund by filling out a form to attach to the taxpayer’s federal income tax return for the taxable year. The form will be released during the summer of 2018. No approval or action by the IRS is required to become a Qualified Opportunity Fund.

There is also a working list of currently approved Opportunity Zones on the CDFI Fund website. IRS plans to publish a complete list once all zones have been nominated.