Do I need to change documents for my investors? How would this change the tax benefits?
The act, if passed, would provide for the designation of a round of Opportunity Zones every 10 years, beginning on Jan. 1, 2027. It doesn’t appear that it would have any effect on this first, existing OZ round, so it's hard to imagine why your Qualified Opportunity Fund (QOF) documents would need to be amended.
I would not act unless and until it looks like this is actually going to become law. We are a long way off right now.
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