Sullivan & Worcester LLP Launches Opportunity Zone Practice Group
Multi-Disciplinary Team Focuses on New Federal Program for Tax-Exempt Investments in Designated Areas
JUNE 26, 2018 – Sullivan & Worcester LLP launched a dedicated "Opportunity Zone" practice group, a multi-disciplinary team of the firm's affordable housing, real estate, tax and corporate attorneys, to guide investors seeking to realize the benefits of the U.S. Tax Cut and Jobs Act of 2017's Opportunity Zone Program. The Opportunity Zone Program offers favorable tax treatment for taxpayers who invest in designated low-income areas. Firm managing partner Joel Carpenter announced that firm partners Ben Armour (Corporate), John Balboni (Real Estate), Jay Darby (Tax) and John Gahan (Affordable Housing) will be coordinating the efforts of this Group.
The Opportunity Zone Program is an economic tool designed to utilize tax incentives to drive long-term growth in low-income urban and rural communities. Currently, all 50 states have Qualified Opportunity Zones that received federal approval from the U.S. Department of the Treasury and the IRS.
"Navigating any new federal program presents a host of questions, and the Opportunity Zone Program, in particular, offers challenges and opportunities for taxpayers seeking to identify and invest in Opportunity Zones," noted Jay Darby, a partner in the firm’s tax department.
"Sullivan & Worcester has assembled a team of experienced attorneys to address these challenges and opportunities and to guide taxpayers attempting to make use of this new legislation in their business. Housing developers will likely find themselves creating their own Opportunity Funds as well as deploying 'o-zone' capital invested through others' O-Funds as another source of capital in their developments," added John Gahan, a partner in Sullivan & Worcester's affordable housing department.
John Balboni, a partner in the firm’s real estate department stated, "Sullivan & Worcester is involved in multiple national initiatives that put us at the vanguard of thought leadership in this area. We are fielding calls from clients and interested parties every day. We recently hosted two events on Opportunity Zones and had standing room only crowds. This is clearly an area of interest for our clients and the industries in which they operate."
Sullivan & Worcester’s Opportunity Zone practice group expects to work with clients on all aspects of business strategy, including:
- Fund Formation and Structuring
- Joint Ventures and Related Party Transactions
- Tax Compliance and Investment Strategy
- Development and Financing
- Opportunity Zone Start-up Businesses
About Sullivan & Worcester LLP
Sullivan & Worcester is a leading corporate law firm advising clients ranging from Fortune 500 companies to emerging businesses. With more than 175 lawyers in Boston, London, New York and Washington, D.C., the firm offers services in a wide range of areas, including corporate finance, banking, trade finance, securities and mutual funds, litigation, mergers and acquisitions, intellectual property, tax, real estate and REITs, private equity and venture capital, bankruptcy, environment and natural resources, renewable energy and water resources, regulatory law, and employment and benefits. ZAG-S&W — a joint venture between Israel-based Zysman, Aharoni, Gayer & Co. and Sullivan & Worcester — provides counsel to Israel-based companies and U.S. companies with Israeli interests on a variety of legal matters including access to capital markets, corporate issues, and tax. For more information please visit www.sandw.com
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