What constitutes original use? What about raw land?
Original use means in general, that the property is placed in service for depreciation purposes for the first time by the QOZB o QOF after 12/31/17. Special safe harbors apply in case of substantial improvement of property. Original use does not apply to land.
As long as you put a bona fide development project on raw land, the structure is considered originally used. The raw land is exempt from original use in that scenario. Otherwise, original use either means brand new development or redevelopment of a structure that has sat vacant for more than one year. There are exceptions to the one-year rule, however.
"Original use" applies only to tangible property. Not to raw land. Original use is the date anyone (1) places the property in service in a QOZ or (2) first uses the property in a QOZ. The test for which of these criteria applies depends on which is first satisfied for the purposes of depreciation or amortization.
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