---------- Forwarded message ---------
From: Deputy Mayor for Planning and Economic Development <
dmped.eom@xxxxxxxxxxxxxxxxxxxx>
Date: Wed, Mar 9, 2022 at 10:23 AM
Subject: Opportunity Zones: Qualified Opportunity Fund Submission Deadline
Approaching
To: <info@xxxxxxxxxxxxxxxxxxxx>
[image: DMPED logo]
Opportunity Zones: Qualified Opportunity Fund Submission Deadline
Approaching
DMPED Stakeholders,
The federal Tax Cut and Jobs Act of 2017 included a provision called
Opportunity Zones, which provides tax deferrals, reductions and abatements
to taxpayers with capital gains who invest those gains into a Qualified
Opportunity Fund (QOF). A QOF
<https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMDAsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMjAzMDkuNTQ2MzM0NDEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L25ld3Nyb29tL29wcG9ydHVuaXR5LXpvbmVzLWZyZXF1ZW50bHktYXNrZWQtcXVlc3Rpb25zI3FvZiJ9.DcOfeQNLbvg87VL7exRij1yRcxqTB97neJuAUSagLak/s/830570013/br/127805960643-l>
is
an investment vehicle that files either a partnership or corporation
federal income tax return and is organized for the purpose of investing in
Qualified Opportunity Zone property.
Opportunity Zones is a federal tax incentive, and the benefits
<https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMDEsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMjAzMDkuNTQ2MzM0NDEiLCJ1cmwiOiJodHRwczovL296bWFya2V0cGxhY2UuZGMuZ292L3BhZ2VzL3FvZi10YXgtYmVuZWZpdHMifQ.izAKZsqQsd_idNSC4a74svgp8WbvdrugxQ6qhskihLI/s/830570013/br/127805960643-l>
are
applied to federal capital gains taxes. The District of Columbia also taxes
capital gains. Per D.C. ACT 23-407 Section 2021, District taxpayers can
realize Opportunity Zones tax benefits at the District level for qualifying
investments made by QOFs approved by the Mayor.
To receive OZ tax benefits at the District level, DC-based taxpayers need
to invest in approved QOFs. The following graphic provides an overview of
the process for applicants. Tax year 2021 QOFs are encouraged to *apply for
District benefits by March 18, 2022*.
This process aims to better align OZ investments with community priorities,
support community-driven projects seeking investment, and maximize benefits
to existing residents, businesses and organizations located in the
District’s QOZs. Should you have any questions, please visit
OZMarketplace.dc.gov
<https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMDIsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMjAzMDkuNTQ2MzM0NDEiLCJ1cmwiOiJodHRwczovL296bWFya2V0cGxhY2UuZGMuZ292L3BhZ2VzL2Rpc3RyaWN0LXF1YWxpZmllZC1vcHBvcnR1bml0eS1mdW5kLWRjLXFvZiJ9.PPoJAQSrMkxYZshDblcJFloHaUR3VAvHQVxAxZQgw_U/s/830570013/br/127805960643-l>
or contact DCQOF@xxxxxx or (202) 727-6365.
[image: OZ Image]
------------------------------
*The Office of the Deputy Mayor for Planning and Economic Development*
1350 Pennsylvania Avenue, NW, Suite 317, Washington, DC 20004
(202) 727-6365 ǀ http://dmped.dc.gov/
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------------------------------
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