On December 22, 2017, Congress enacted the Tax Cuts and Jobs Act (the Act) which made numerous changes to the Internal Revenue Code (the Code) and incentivized certain investments in qualified opportunity zones. The Act created Section 1400Z of the Code, which provides for significant deferral, reduction and elimination of capital gains that are timely and properly reinvested by taxpayers in a qualified opportunity zone. More than 8,000 low income census tracts located in all 50 states, the District of Columbia and five U.S. territories are designated as qualified opportunity zones.