The IRS today released an advance version of Notice 2019-42 that adds two additional census tracts in Puerto Rico to the list of designated qualified opportunity zones (QOZs).
Notice 2018-48 (June 2018) lists the population census tracts designated by the Treasury Secretary as qualified opportunity zones.
Notice 2019-42 [PDF 60 KB] amplifies Notice 2018-48 and reflects the two additional census tracts in Puerto Rico that are added to the list of population census tracts designated as QOZs under section 1400Z-1, effective on December 22, 2017.
The 2017 U.S. tax law (Pub. L. No. 115-97) generally provides for the temporary deferral and potential for partial exclusion of gains reinvested in a qualified opportunity fund and the permanent exclusion of gains from the sale or exchange of an investment held for at least 10 years in a qualified opportunity fund.
For more information, contact a tax professional with KPMG’s Washington National Tax:
Susan Reaman | + 1 (202) 533-3541 | firstname.lastname@example.org
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