Law firm Chiesa Shahinian & Giantomasi has launched a new group offering guidance for participating in the federal Qualified Opportunity Zone Program.
CSG’s newly-launched group is led by Sean Aylward and Francis Giantomasi and comprised of attorneys from various practices, including real estate, development and land use; tax; corporate and securities; environmental; public finance; and trusts and estates.
The Qualified Opportunity Zone Program was established in 2017 and is intended to drive long-term investment in specific low-income areas. The program allows taxpayers to defer, and potentially reduce capital gains for those that invest in a Qualified Opportunity Fund.
“This program will be tremendously beneficial to both designated communities and investors alike,” Giantomasi said in a statement. “Communities will benefit from an influx of private capital that will spur innovative projects, and investors’ portfolios will find great relief in the program’s tax minimization component. It’s a win-win.”
New Jersey has 169 designated Qualified Opportunity Zones.