OZ MAGAZINE 2022 Top 25 Influencers issue 2.2 | Page 66

66 OPPORTUNITY ZONE MAGAZINE | ISSUE 2 • VOLUME 2

BLAKE CHRISTIAN

HOLTHOUSE CARLIN & VAN TRIGT LLP

Blake Christian is a tax partner in HCVT , a Top 30 National CPA firm headquartered in Los Angeles . He is also the managing member of MIT Modular – a Provo , Utah-based ESG OZ Fund focused on converting shipping containers into housing , retail and special purpose uses . Christian brings over 40 years of experience providing tax consulting and compliance services to clients . A thought leader , he is a frequent speaker and national media source . He has published over 200 tax and financial articles , and co-authored the book “ How to OZ .”

WHAT NEW TAX CHANGES IMPACTING THE OPPORTUNITY ZONE INDUSTRY CAN WE EXPECT IN 2022 ?
Thankfully , the OZ program continues to be supported by both sides of the aisle . Both President Biden and Vice President Harris support the program and recognize its power for both real estate projects and operating businesses . I anticipate that we will see enhanced QOF and QOZB reporting with respect to the projects being undertaken by OZ Funds , the employee headcount and anticipated economic impact on the community . I also expect that we will see President Biden ’ s requested incentive for OZ Funds to partner with local charitable organizations to pass – along with public-private partnerships as part of the Build Back Better legislation . Finally , I am hopeful that one of the tax bills extending the five and / or seven-year basis increases will pass .

ANTHONY GIACALONE

HBK

Anthony Giacalone is a principal in HBK ’ s Southeast Florida region and has been with the firm since 2011 . He has a bachelor ’ s degree in accounting and a Master of Accounting & Taxation from Florida Gulf Coast University . He is a licensed CPA in the state of Florida with extensive experience in the areas of accounting , taxation , estate planning and transaction advisory services . Giacalone has been honored as a Top 25 Opportunity Zone influencer , and participant in the 2020-21 Leadership Palm Beach County Engage Program . He has provided extensive consulting and tax planning for Opportunity Zone investments since the program ’ s creation .

WHAT NEW TAX CHANGES IMPACTING THE OPPORTUNITY ZONE INDUSTRY CAN WE EXPECT IN 2022 ?
In 2022 , Opportunity Zone investors will shift focus to the long-term tax deferral benefits of their investments . Investments made after 12.31.2021 will no longer receive a step-up in basis and corresponding permanent gain exclusion available previously . However , post-contribution taxfree appreciation remains an attractive upside should the 10-year holding period be achieved . The remaining gain deferral until the legislative inclusion date of 12.31.2026 will remain a planning tool available for tax consultants . Fund managers will surely be integrating cashflow planning for investors ’ future tax distributions needed , however significant upside remains for taxpayers and funds looking to capitalize on OZs .
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