Isaac Jones, CPA with Perkins & Co., discusses the evolution and benefits of Opportunity Zones, highlighting the initial confusion caused by the 2017 Tax Cuts and Jobs Act and the subsequent impact of the pandemic. The new Opportunity Zone Act 3 (OZ 3) makes the program permanent, providing more clarity and certainty. Investors must recognize a capital gain within 180 days and invest in a Qualified Opportunity Fund. Key benefits include deferred tax on capital gains, potential reduction of gains recognized, and tax-free appreciation if held for over 10 years. The program incentivizes investment in low-income communities, with ground-up development or substantial rehabs being ideal projects.