Opportunity Zones under the Tax Cuts and Jobs Act Of 2017, funds projects by offering substantial federal income tax benefits to investors and developers. A zone fund (OZ fund) is an “investment vehicle” formed as a corporation or partnership in which 90 percent or more of its assets are dedicated to projects in designated opportunity zones. OZ funds encourage long-term investment and job creation by providing tax incentives, including a temporary deferral on capital gains taxes, when investors reinvest those gains in qualified Opportunity Funds. The funds must in turn invest in low-income communities from designated census tracts, called Opportunity Zones. This program is currently under development and as such, the IRS has posted additional guidance with details on many questions that have been submitted.