A newly finalized tax benefit program for distressed communities answers the EPA’s wishes for easier investment in contaminated sites.
The Internal Revenue Service released finalized regulations (RIN:1545-BP04) for its “opportunity zones” program on Dec. 19. The zones, as established by the Tax Cuts and Jobs Act of 2017, are economically distressed communities identified by state governors as having potential for investment.
Through the IRS program, investors may defer capital gains tax by adding those gains to special funds dedicated to revitalizing opportunity zones.
The Environmental Protection Agency sought assurance that typical activities completed at brownfield sites before...