Investors can defer income tax by investing a realized capital gain into a Qualified Opportunity Zone Fund (within 180 days of realized gain).
The Qualified Opportunity Fund must be organized as a corporation or partnership with the sole purpose of investing in an Opportunity Zone Property. The initial adjusted basis of the fund is zero.
The tax deferral is temporary (up to nine years) and the program ends on December 31, 2026. But it also allows taxpayers to exclude from tax any gains that arise from investing in the Opportunity Zone fund if the fund is held for 10+ years