Tax
Jun. 26, 2025
Senate responds to One Big Beautiful Bill with new rules on opportunity zones
As Congress advances the "One Big Beautiful Tax Bill," proposed Senate reforms signal a long-term, pro-investment future for Opportunity Zones -- expanding eligibility, enhancing tax benefits (especially in rural areas), and tightening reporting requirements, all with the potential to reshape how investors engage in distressed community development.
Phil Jelsma
Partner and Chair of the Tax Practice Team
Crosbie Gliner Schiffman Southard & Swanson LLC (CGS3)
Email: pjelsma@cgs3.com
Phil is chair of the tax practice team at CGS3. He is recognized as a leading joint venture and tax attorney, with a 30-year background in real estate exchange transactions, syndications, nonprofit corporations and international tax planning.
We have now seen the Senate Finance Committee's version of the
"One Big Beautiful Tax Bill," and it bodes well for opportunity zones
(OZ) -- an economic development tool designed to spur economic investment in
distressed communities while providing tax breaks to investors.
Since the program was introduced through the Tax Cuts and Jobs Act of 2017, OZ funds have ...
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