I plan to expand my existing business with facilities located in an Opportunity Zone. Will I be able to use this program to defer taxes? I heard there are some tests that a business needs to pass to meet the requirements.
Yes, an existing business can take advantage. In general, the business must relocate into a new OZ. If the business is already in an OZ, it must replace the large majority of its tangible property with new tangible property. It must also meet the same compliance requirements applicable to all OZ businesses.
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