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I own several large properties directly across the street of a large Opportunity Zone in the Phoenix area of Arizona, and the business on both sides of this street is the same industry. Is there a waiver or application to qualify for the OZ tax incentive?


Answers
  • Matthew Rappaport
    July 09, 2022

    You can own property both inside and outside of a QOZ through a QOZB. If the property outside the QOZB is 30% or less of the total tangible property in the QOZB, this could still work. There are also special rules for property straddling a QOZ if that's the case here.

  • Guy Maisnik
    July 07, 2022

    Unfortunately there is not to my knowledge. Your property is either in an opportunity zone or it is not. There is legislation pending to adjust the opportunity zones, and without knowing more, I cannot say how that will affect your property.

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