Greenberg Traurig Shareholder James O. Lang was named a “Top 25 OZ Attorney 2021” by Opportunity Zone Magazine. James Lang’s practice is focused on tax incentive programs, Qualified Opportunity Zone and Qualified Opportunity Fund financing, tax credits, and state and federal incentive programs. He is closing $9.5+ billion of QOF and ancillary QOZ deployment of funds and has closed or is structuring several billion dollars in tax credit transactions. Lang represents funds, investors, lenders, community development entities, and for-profit and not-for-profit project sponsors in complex transactions where capital stacks require enhancement through incentive financing, including QOZs, state and federal new markets, affordable housing and low-income housing, historic rehabilitation, and renewable energy tax credits.
Jim answered the following question for the magazine:
What new trends are you seeing in the Opportunity Zone industry?
Eligible gains from the potential 10% step-up in basis for investments made before 12/31/21 and possible capital gains rate tax legislation are seizing investors’ focus. While the step-up in basis is important, the post 10-year incentive associated with investment into projects or companies with high appreciation on a post 10-year horizon is critical. Quality projects, especially those with meaningful social and community impacts are attractive. QOF investment continues to distinguish project sponsors and QOZBs opportunities with investors. Coordinating Working Capital Safe Harbor plans and structuring to meet QOZB requirements are predominant for businesses and sponsors. All market participants are laser-focused on potential legislation and further issue-specific guidance.