Attorney John S. Lore knows how and when to take advantage of an opportunity.

An expert in the federal government’s Opportunity Zone Program, created under the Tax Cuts and Jobs Act of 2017, Lore advises established and emerging managers seeking to raise capital by creating funds that will attract investors seeking a capital-gains tax benefit under the program.

He is founder and managing partner of Capital Fund Law Group, with offices in Los Angeles, Calif.; Salt Lake City, Utah; and New York, N.Y. In March, Lore also assumed the position of executive director of the Global Center for Investment Fund Studies in Washington, D.C.

Since founding Capital Fund Law Group in 2010, Lore has received calls from more than 1,000 prospective emerging funds asking his advice. He represents hundreds of hedge funds and real estate fund clients throughout the world.

This month, Financial Advisor discussed the Opportunity Zone Program with Lore.

Financial Advisor: With the emergence of so many start-up funds, what are the biggest challenges many face?

J.L.: Raising capital. Getting an initial base of capital is universally challenging for start-up funds because seed investor arrangements are increasingly difficult to come by.

Financial Advisor: What did Congress omit from the Tax Cuts and Jobs Act of 2017 in creating the Opportunity Zone Program that you would like to see the next Congress take action to amend?

J.L.: We are looking for additional guidance on provisions defining opportunity zone businesses, including the requirements and tests. We’re also waiting on the provisions that would allow managers flexibility in deployment of assets beyond 31 months and to be able to cycle through investments within the 10-year period.

Financial Advisor: What do you find most appealing and least appealing about this program?

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