Justin Rostoff, an attorney with Klein Slowik PLLC, recently published an article titled “The Opportunity of Opportunity Zones” in the front section of the March 3, 2019, online edition of the New York Real Estate Journal (NYREJ).
The NYREJ article focused on the benefits of Opportunity Zones, which formed as the result of the Tax Cuts and Jobs Act of 2017. According to Mr. Rostoff, if structured correctly, Opportunity Zones may result in several benefits, including deferred taxes on recognized capital gains until December 31, 2026, a decrease in taxable capital gains by up to 15%, and the elimination of post-acquisition capital gains tax if held for a minimum of 10 years. However, tax incentives only apply to the investment of capital gains in Opportunity Zone property, and capital gains must be invested in a qualified opportunity fund in exchange for stock/partnership interest(s), adds Mr. Rostoff.
At the firm, Mr. Rostoff concentrates his practice in all facets of real estate law and transaction matters, in addition to land use, zoning, licensing compliance, and corporate law and governance issues.
In addition to his practice, Mr. Rostoff frequently publishes legal articles on various subject matters surrounding real property law.