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On November 14, Peter Bilfield, co-chair of Day Pitney's Investment Management and Private Funds group, was quoted in an article, "SkyBridge Jumps into Hot Opportunity Zone Space," published by FundFire, a Financial Times news service for professionals working in the high net worth and institutional investment management industry. The article discusses qualified opportunity zones, a new tax incentive introduced by the Tax Cuts and Jobs Act, and references recent fund launches by SkyBridge Capital and EFJ Capital.
As Bilfield told FundFire, many managers are still seeking clarity and submitting comment letters regarding various aspects of the opportunity zones. "I think the number one issue on our minds is this issue of recycling capital – and whether or not investing the proceeds of one disposition into another qualified opportunity zone property will [let you] defer the gain on that investment. That's a critical point that needs to be clarified by the IRS," he said. However, he noted that despite the needed clarifications, there are players waiting on the sidelines. "I would suspect we will see a number of launches."
