By Libin Zhang (July 2, 2019, 1:33 PM EDT) -- The Tax Cuts and Jobs Act of 2017 created new tax incentives for investments in certain "qualified opportunity zones," which are carefully selected low-income communities in need of economic development. Although substantially all of the billions of dollars raised by first and second generation opportunity funds have been for real estate development, there is growing attention on other investment opportunities in the zones as real estate prices have gone up and the best sites have been acquired by private funds. This article discusses a few practical issues that have confronted some practitioners as they advise third-generation opportunity funds to invest additional billions of dollars in operating businesses....
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