Few people in the state can match Frank Giantomasi expertise involving real estate in urban areas.
So, it’s only natural that Giantomasi was tabbed as a co-lead of Chiesa Shahinian & Giantomasi P.C.’s Qualified Opportunity Zone Group, which the West Orange-based firm launch Wednesday.
Giantomasi, along with Sean Aylward, will advise investors, fund managers, redevelopers and business owners on the legal and regulatory requirements needed in the recently announced federal program designed to promote and drive long-term investment in designated low-income areas.
“This program will be tremendously beneficial to both designated communities and investors alike,” Giantomasi said. “Communities will benefit from an influx of private capital that will spur innovative projects, and investors’ portfolios will find great relief in the program’s tax minimization component.
“It’s a win-win.”
The program, established by the Tax Cuts and Jobs Act of 2017, allows taxpayers to defer, and potentially reduce, the recognition of capital gain if the taxpayer invests capital gain proceeds in a Qualified Opportunity Fund.
Recent estimates indicate that there is approximately $6 trillion of unrealized capital gain across the U.S. available to be invested in the Qualified Opportunity Zone Program.
New Jersey, with 169 designated Qualified Opportunity Zones, is expected to be a significant beneficiary of the program, Giantomasi said.
CSG’s group will consist of attorneys representing the firm’s real estate, development & land use; tax; corporate & securities; environmental; public finance; and trusts & estates groups.
Aylward feels the depth of CSG’s group will aid clients.
“Members of our multidisciplinary Qualified Opportunity Zone Group bring significant firsthand experience helping clients participate in economic revitalization initiatives,” he said.
“This experience – coupled with our deep real estate, transactional and tax practices — translates into value-added insight and guidance for stakeholders at all stages of the implementation of the program.