Investments in Opportunity Zones surged by more than 39 percent in the second half of 2021, with Novogradac reporting that investors poured $6.88 billion in the last six months into the 1,342 qualified opportunity funds (QOFs) the accounting firm tracks.

Equity investments in QOFs that were made before Dec. 31, 2021 are eligible to receive a 10-percent basis step-up for investments held for at least five years, according to IRS guidelines for Opportunity Zones. Investors can defer taxes on capital gains by investing in QOFs.

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