Qualified opportunity funds give investors a tax-advantaged way to pour money into economically distressed areas. The IRS is giving these taxpayers until the end of the year to select the projects they will back.
The coronavirus pandemic has led to prospective investors slowing down and carefully kicking the tires on these projects before they invest for years at a time, said Richard LaFalce, partner at Morgan Lewis in Washington, D.C.
Now, investors whose 180-day period would have ended after April 1 will have until Dec. 31 to reinvest their proceeds into one of these funds, the IRS said.A sign displayed on Bruckner Building reads 'Commercial Space Available' in the Port Morris neighborhood of the Bronx borough of New York.
For starters, many projects are based on real estate, so there's some element of illiquidity. Investors in today's economic tumult might be hesitant to sock away cash into a project for years at a time.
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