qualified opportunity zone business property
Defined in 1 place of the United States Code.
The term "qualified opportunity zone business property" means tangible property used in a trade or business of the qualified opportunity fund if—
(I) such property was acquired by the qualified opportunity fund by purchase (as defined in section 179(d)(2)) after December 31, 2017,
(II) the original use of such property in the qualified opportunity zone commences with the qualified opportunity fund or the qualified opportunity fund substantially improves the property, and
(III) during substantially all of the qualified opportunity fund's holding period for such property, substantially all of the use of such property was in a qualified opportunity zone.
Source
- 2017–present26 U.S.C. § 1400Z-2Internal Revenue Code · Special rules for capital gains invested in opportunity zones · for purposes of this section