Shareholder Korb Maxwell will lead Polsinelli’s new Opportunity Zones Practice Group
Quickly responding to a sweeping program created by the Tax Cuts and Jobs Act, Am Law 100 firm Polsinelli has established its newest practice, the Opportunity Zones Practice Group. The firm’s new practice will work with clients to structure investments compliant with the law in Opportunity Zones across the country.
“We have been creating funds for developers, high-net worth individuals and investors for months, as well as traveling the country to discuss the laws premise with a wide variety of stakeholders in this new marketplace,” said Polsinelli Shareholder Korb Maxwell. “The innovation in this government program is its ability to unleash the market through minimally constrained capital into these zones. We’re actively helping our clients navigate this new asset class.”
Maxwell, who has led a practice with robust economic development projects throughout his 15-year legal career, is spearheading Polsinelli’s efforts to establish opportunity funds, direct investments in opportunity zones and lead clients to qualify for the valuable tax benefits.
This summer, the U.S. Department of Treasury and Internal Revenue Service (IRS) unveiled Opportunity Zones in every state, nominated by governors and certified by the Department of Treasury. Opportunity Zones have been designated to various low-income areas with a goal to stimulate development in economically distressed communities. The program allows taxpayers to re-invest private capital gains and defer and reduce capital gains taxes in “Qualified Opportunity Zones.”
“Opportunity Zones will fundamentally change these designated area over the next 10 years,” Maxwell said. “This law will flood these areas with capital investment and will help to smooth the uneven recovery we have seen since the Great Recession.”
Polsinelli’s cross-disciplinary team of real estate, tax and corporate attorneys are well-positioned to help investors, developers and fund managers determine the right approach and how to qualify for the program’s incentives, all while complying with the program’s legal requirements. The firm’s Opportunity Zones Practice Group offers clients many insights – from structuring long-term real estate and business investments, to fund formation, to reviewing tax requirements that optimize the full extent of the program.
Maxwell and other members of the practice who focus on economic development initiatives have studied the Opportunity Zones program since days within enactment. Further, Polsinelli is an active participant in the Economic Innovation Group (EIG) that is guiding regulatory implementation. The team utilizes its experience with federal, state and local development incentives, along with tax credit programs, to assist clients in structuring deals with the most economically-favorable terms. A map of Qualified Opportunity Zones can be found here.
Polsinelli is an Am Law 100 firm with more than 825 attorneys in 21 offices. Ranked #24 for Client Service Excellence1 and #10 for best client relationships2 among 650 U.S. law firms, Polsinelli is also named among the top 30 best-known firms in the nation3 for the second consecutive year. The firm’s attorneys provide value through practical legal counsel infused with business insight and a focus on health care, financial services, real estate, intellectual property, mid-market corporate, labor and employment, and business litigation. www.polsinelli.com | Polsinelli PC | In California, Polsinelli LLP
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