Washington, D.C., Budget Sets Standards for QOFs to Qualify for Local Benefits
Qualified opportunity funds (QOFs) in Washington, D.C., must be certified by the mayor to qualify for district tax benefits after Mayor Muriel Bowser signed the fiscal year 2021 city budget. A section of the budget requires the certification to receive benefits. To be eligible, QOFs must meet certain standards that include being selected by the district government for benefits to promote economic or community development, have the unconditional resolution of support from the Advisory Neighborhood Commission where the property is located or other standards and other standards.
Get more OZ updates at the Novogradac 2020 Opportunity Zones Fall Conference, Oct. 22-23.