It Takes Experienced Environmental Attorneys to Help You Maximize the Benefits of the Opportunity Zones while Minimizing Risks Attached to CleanUp
The Federal Government has provided exceptional tax benefits to property owners and businesses located in various economically distressed areas in New Jersey recognized as “Opportunity Zones.” Pursuant to the Tax Cuts and Jobs Act, qualified investments in these areas allow investors to defer capital gains realized from other investments and reinvested into Opportunity Zones. In addition, capital gains realized from Opportunity Zone investments are subject to reduced capital gains, and no capital gains tax after holding such investments for a ten-year period. In light of these promising tax benefits, it is anticipated that these Opportunity Zone properties will be subject to increased attention and redevelopment. However, many Opportunity Zone properties located in historically industrial areas may be subject to lingering and ongoing environmental concerns which may affect potential returns.
Accordingly, parties who seek to take advantage of this program and acquire equity interests in a business or property in an Opportunity Zone should consult with local environmental counsel who understands the intricacies and dynamics of Federal and New Jersey environmental law and regulations, and can assist in thoroughly assessing environmental risks. The Davis Environmental Law Firm is specially attuned to the various legal risks and liabilities that are attached to environmental concerns, and can provide counseling in reducing risks. Additionally, for those sites that have unaddressed concerns or ongoing environmental remediation, we can assist in pursuing contribution from insurance companies, historical owners and other potentially responsible parties.
This program presents an exciting opportunity that could benefit our community by improving areas that may have been previously disregarded as viable investment opportunities.