When the Qualified Opportunity Zone (QOZ) program was created in 2017’s Tax Cuts and Jobs Act, it created a stir of excitement in the commercial real estate industry—due to its tax incentives and potential to spur new development and economic growth in underserved communities.
However, a long rulemaking process kept people hesitant to participate in the program (and thus potentially miss its biggest tax advantages), and the chilling effect of the COVID-19 pandemic stunted its growth. While many incredible projects resulted from the original legislation, its full potential was never met.
In June, Congress’s reauthorization and update to the program in the “One Big Beautiful Bill Act” tax reform package is cause for industry optimism once again.
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