Episode 25: A Focus on Real Estate

Transcript

IRIS LAWS

On this episode, we're focusing on real estate and broader economic trends that affect the industry. We welcome Brit Moreland from our Indianapolis office, who's been with the firm for over a decade, to talk about her insights and what she's seeing in the market. From your one stop for tax updates and analysis, I'm Iris.

DEVIN TENNEY

And I'm Devin.

IRIS LAWS

It's Tuesday, May 5th and this is “Tackling Tax.”

Well, we are so excited to be joined today by Brit Moreland, a Tax director out of our Indianapolis office here at Forvis Mazars, to talk about all things real estate and what's going on in the industry. So, welcome to “Tackling Tax,” Brit.

BRIT MORELAND

Thank you for having me.

IRIS LAWS

So, let's say first off, if we step back and we think about real estate, the industry overall, the one word I keep hearing is quote “affordability.” It's affordability here and there, sort of everywhere that you read in the market. How is this a focus nationally and maybe in policy more generally?

BRIT MORELAND

Yeah, great question to kick off with. You know, affordability in housing has become more than just a subsidy problem. It's really a supply problem within the United States, which is why it's become a focus. We are looking at a shortage of houses right now that, the numbers range when you look at it, from like 1.5 to 3.8 million units or 4 to 7 million units.

And the main driver, you know, are rising rents and home prices. It's an indication of under building and mortgage rates that have risen over time, as well as the rising demand that has put us in this position where there's actually no one state or county within the United States where a full-time worker earning minimum wage can afford a two-bedroom apartment.

IRIS LAWS

Oh my gosh.

BRIT MORELAND

So, we're at this pinnacle moment as a country trying to figure out how do we look at this—not, again, just as a subsidy, but as a part of the economic infrastructure of the nation?

IRIS LAWS

And practically speaking, there's support from both sides of the aisle, right, on this broader push? Is there any legislation per se, that you think might be promising or that sort of has that bipartisan support right now?

BRIT MORELAND

Yes. So, there's currently an act sitting with the House of Representatives. It's called the 21st Century Road to Housing Act. At a high level, right, the goal of that act is to increase supply, at scale, for housing. The goal is to build, over time, 5 million homes. So, what's in that act, right? That act endeavors to, like I said, increase the homes by 5 million.

That could be rentals, condos, or single-family homes. It looks at expanding the Federal Housing Administration multifamily loan limits and updates the inflation index. And that's an important component because that affects, in essence, the ability to circulate the loans, right, as that inflation index. And so, also increasing eligibility for other grants. But there's also new planning, zoning grant programs to accelerate housing development.

You know, a big challenge entering into doing affordability housing is the red tape, right? It's very costly to navigate through. So, part of the goal of this bill is actually to reduce the red tape and the costs that are associated with it.

Another big component is restricting large institution investors purchasing single family homes. So, that's another issue that's been going on. We have large institutions that are investing in those, which is then they're turning around, right, and focusing on an ROI. Rather, when you have a family that just goes to buy, they're less focused on their ROI, right? They're just focused on building a home.

So, the overall goal of the act, right, is to shift these larger institutions from acquiring various what would be affordable housing and shifting that to be more available to the families and the individuals that need it.

So, the current status of that act, it was it was a passed by the Senate on March 12th. And as we're recording this today, it's been about a month and a half. So, it passed the House at 390-to-9. It passed the Senate at 89-to-10 with amendments. And that was on March 12th. It's been returned to the House and they're waiting to reconcile Senate changes.

Now, obviously, a lot has happened politically over the last six weeks, which I think is a big reason why it has stalled, because, as you indicated, there is absolutely bipartisan support for this act.

IRIS LAWS

So, we're talking about things elsewhere in our different content that the firm puts out, right, about the second reconciliation bill and, you know, funding and all of that, that certainly Congress is dealing with at the moment, as well as different geopolitical things happening with the economy. So, you know, I guess the question is, do we think it's going to happen?

And I guess what you're telling me is time will tell, maybe? As far as I know, this isn't a part of the reconciliation package, right? It's just a separate standalone bill.

BRIT MORELAND

Correct. It's just a separate standalone bill. That's right. It's not necessarily tied into any other piece of legislation right now. You know, and you’ve mentioned like the support, right, between both sides of the aisle. Plus, there's strong support from community banks and housing advocates, the state and local governments. You know, there's a lot of support there. But I think the potential of the roadblock is the piece that's difficult to project, which is: it could spark some lobbying pressure, right?

A piece of this that I mentioned, right, which is restricting large institutional investors. There could be some pressure onto our leaders of changing those pieces here and there. So, we'll just see. That could get stalled. The other piece to it is it's a scheduling matter, right? The logistics of making sure that the speaker is available and that pieces of legislation that become more pertinent don't take importance and priority over this bill.

And given, again, what's happened the last couple of weeks with the ongoing war, there is a chance it could be delayed further.

DEVIN TENNEY

Well, keeping with legislation, I can't believe it's almost been a year, but with the One Big Beautiful Bill Act, it did touch a lot of different industries. But real estate is one of those industries that was affected, particularly because of the changes or maybe the reissuance of the opportunity zone. I know we've discussed this, Iris, on episode 13, so if any of our listeners want to go back, that's certainly something you could go back and listen to.

But Brit, could you give us an overview refresher? You know, what were the changes to the opportunity zones? And then really in practice, have you been seen anything coming out of that?

BRIT MORELAND

Yeah, a great question. Actually, it might be beneficial, too, to those that don't remember opportunity zones, here’s just a quick overview. So, the opportunity zone, right, is a deferral of the capital gain related to the sale of property or some kind of capital investment, but it can be reinvested into a qualified opportunity fund. So, the benefits of it, like the deferral, there's also a partial basis step-up, and you can permanently exclude the post-investment appreciation after a 10-year hold.

Now those were all a part of the original opportunity zone components with the Tax Cuts and Jobs Act. And so actually, there have been a couple of pieces too that were an underlying change. So, part of that TCJA was that the partial basis step-up actually went up to 15% after seven years. And that was something that, we’ll get into in a minute, also changed.

So, this is something that is designated by the the state government. So, they're the ones that designate up to 25% of eligible low-income census tracts. And in 2018, the Treasury certified over 8,700 zones nationwide. Those span between urban, suburban, and rural locations, right? So, the other thing to consider before we get into the OB3 is why did this suddenly come back in OB3, right?

So, when it was implemented as a part of TCJA, there was a lot of uncertainty at first. I do remember being a part of those conversations where clients were like, there's a reason why they are targeting this area, and I'm not so sure I want to be invested in this area. Well, then time goes on, by 2022, there was over $100 billion invested in opportunity zones, and 75% of that floated through as real estate.

But the thing was, as a part of TCJA, was that it cut off after 10 years. This was a short-term program, right, and all of that was coming to fruition in 2026. Which means all those people that deferred their gain, it was coming to roost here in 2026. So, with the passage of OB3, okay, it eliminated the prior 2026 sunset, it shifted the one-time designation of the 10-year period to now it's a rolling 10-year period.

And that's actually in conjunction with when the census updates, basically, right? Because the state governments can say, hey, our census has indicated we have a different low-income tract that we need to focus on. So, it gives the states the opportunity to reset that zone. They've also changed the gain deferral recognition now. So that's tied to the fifth anniversary of the investment.

It's not on a fixed calendar date. But as a part of that, right, with the 15% step up that I mentioned, that would have happened under the TCJA law, it doesn't happen anymore because you're no longer reaching seven years. It cuts off after five. So, you still get the 10% step up. And you know there's, and I know what we might get into in a minute here about the rural opportunity zone framework that they established as a part of that, but in terms of actually seeing this being enacted now since this was introduced last summer.

I mean, admittedly, from where I operate, right, I operate out of Indiana, which is a lot of rural area, and we'll get to that in a minute on the some of the things I'm seeing from a trend standpoint. But I would say we're seeing similar interest as before, right?

We're waiting to see what is identified and opportunities that pop up. The nice thing is we do have those people that did the OZs and held on to it, that they're looking to do that potential reinvestment coming up, right? So, we'll see what pops through, but as of right now, for me personally, I have not seen any significant increase more so than what was there before.

In addition to kind of the benefits, though, there are some things, right that executives need to look out for, which is the higher compliance and reporting requirements, not meeting those, right? There are penalties for noncompliance you want to keep an eye out for. In addition, there is risk of, now, a zone redesignation. So, think about when you've invested in this, and then all of a sudden, your 10-year roll changes, right, and no longer are you in a zone that is an opportunity zone.

The other thing, too, is many opportunity zones remain real estate heavy. So, there's just a lot of policy scrutiny right now about whether or not the community impact is there and that those goals are being met.

IRIS LAWS

So, you know, it seems like there's some good things, some challenging things that we need to keep in mind. One good thing that I heard you talk about were rural opportunity zones. When you zoom out a bit, these new rural opportunity zones could fit into some broader economic trends. Right? So I do a lot with the infrastructure industry here at the firm, along with the real estate industry.

And that infrastructure industry obviously includes things like energy and construction as well. One of the big crossovers at the moment, I think between industries, those industries and what we're talking about here with real estate is the explosive development of data centers. I mean, everywhere, right? And it's what everybody is talking about, too. So, explain to me maybe that crossover which is less discussed, generally speaking, that intersection between rural opportunity zones, data centers, and clean energy?

BRIT MORELAND

Yeah. This is a, this is definitely a popular topic right now, especially with where I live in Indiana. So, similar to what we've done before, right, just overarching trends or what's available to the country. So, between 2017 and the implementation of OB3, right, so that eight-year period, there were 62% of opportunity zones that were in urban/suburban areas.

Keep in mind, though, from a land mass standpoint, 97% of the United States is considered rural, but the population is split more like 20% rural, 80% urban/suburban. So, we're looking at an area that really didn't see as much of an investment as it could have, given the percentage of land that is available from a real estate standpoint.

So, when you combine that with the additional leveraging of technology that we've done and the data centers that are needed to run that technology, right, we came at an intersection for our country of there's a need here, and let's incentivize people to pursue this. Almost in place of, like we mentioned before, the single family or the multifamily moving that away, right.

It's giving those investors an opportunity to shift their focus. So, with this new rural opportunity zone framework, it's similar to a normal opportunity zone. There are a couple of differences. So, instead of getting the 10% basis step-up after five years, you get a 30% basis step-up after five years. They also change the substantial improvement requirements. So, a qualified opportunity fund is required to increase the basis in that asset double, right?

But when you are in a rural opportunity zone you only have to do 50%. So, only half of the basis needs to be increased via improvements. Part of this is because the rural rents just do not support a full redevelopment at 100%. The other piece though, to make sure that you are qualifying to be a rural opportunity zone, is the opportunity zone must hold, the fund must hold at least 90% of assets in a qualifying rural property, and they've designated these within the tracts.

Currently, there's over 3,300 opportunity zones that are designated as entirely rural, so those have already been identified and classified separately to help enable this. So, that should be hopefully straightforward enough to assist people in establishing that 90% of asset qualifying rural property threshold.

IRIS LAWS

So, you've established, right, that these rural opportunity zones, there's resources to find out where they are, either near you or in locations that you're interested in investing in. How does that necessarily overlap with the growth and development of data centers per se in the U.S.?

BRIT MORELAND

Yes. Great point. Yeah, so the connection there is that's a big area for them to be able to develop and construct these data centers, right? So, considering the fact that data centers are not necessarily a new need, right, but there's definitely a heightened demand in the need. And it's far surpassed what's available and what was in the pipeline to be developed.

So, this enables companies to identify those rural tracts to invest in and establish a data center. So, from that skill, right, it does encourage the data centers. There's also ag processing or energy-adjacent real estate, you know, other type logistics hubs. Like you think about distribution centers or what have you. But there is a nice—and I would say intentional—overlap.

It is not an accidental overlap, but a nice intentional overlap with energy credits. So, essentially, right, when we think about a data center, the data center uses primarily electricity, right? It's probably going to use water for cooling as well as other utility type expenses. And so there are ways to finance the data center by including in your planning the opportunity for energy credits.

These can be related to like solar, wind, geothermal, right? Energy storage is a big one because it takes a lot of energy to to run these. If you have energy storage on site, that also benefits you from a tax code standpoint. There's also grid support and other energy efficient upgrades that you can make. So, essentially you reduce the project cost, right?

And you're often able to transfer those or, you know, use them as a part of a joint venture with an investor. And it also, like I mentioned, lowers the financing risk, right, because you can improve your debt coverage and your return metrics by including, as a part of the projections, a healthy energy credit.

IRIS LAWS

And not only that, right? Like, you just had the land. Because we're in a rural area, oftentimes you have the space to include some of these clean energy technologies where you might not in a more densely populated area. So, to your point, right, not only are there credits, it helps your financing. It helps your general modeling of the projects.

But just practically speaking, in these rural areas where you're not only getting OZ fund benefits, you're now also being able to have the space to implement this and get credits as well.

BRIT MORELAND

Yeah, exactly. Exactly. And I think too, another thing that isn't mentioned as necessarily part of the tax code, but is just as important as any other part, right, is the planning. I love the phrase if you fail to prepare, you are preparing to fail, right?

IRIS LAWS

There you go.

So, it's really important that you know the location that you are looking to invest. And I will tell you from an Indiana perspective. So, Indiana is actually water positive. Indiana at one point in time was a wetland. And you include that and compound it with Indiana is affiliated with farmland. We have lots of land in Indiana.

And so, what's happened is we've become, you know, we've been eyeballed by a number of organizations for data centers. But there's been significant pushback at the local level. So, they've made agreements. There have even been people starting to develop, and those projects have been paused by local governments.

So, it's really important that as a part of eyeballing this as a potential investment opportunity, you're really keeping an eye on and listening to kind of the heartbeat of the community to see if they're even interested in having this enter in, because there's a lot of uncertainty right now. And unfortunately, I think there are some companies that have incurred some costs and those might be sunk cost at this point for some of those data centers.

DEVIN TENNEY

Yeah, Brit, that's a very good point. And I've actually seen that happen in Kansas City. So, also, you know, begs the question with these more rural populations, are we seeing, you know, other subsectors of the industry utilizing these rural opportunity zone credits that might benefit these local communities, such as multifamily establishments, hospitality, or even, you know, development of commercial space?

BRIT MORELAND

Yeah, exactly. I think it's not just affiliated with the data centers, right? There's a component here of it's just a matter of the reinvestment and the location of it, right? So, if you've identified a community that does need the support of more affordable housing, right, and you're able to somehow subsidize the cost of it by knowing that you're deferring out this gain to keep your rents low so then you can obtain higher occupancy, absolutely. That's right.

IRIS LAWS

What about those, sort of, subsectors that he mentioned? Just, if we think about economically speaking, how are those subsectors performing? Like, we just talked about data centers are booming, right, but what are the prospects, just high-level, for multifamily and some of those other subsectors?

BRIT MORELAND

Yeah. So, multifamily I would say overall is in a relatively good position given that demand is high and supply is low, right. But it's also a matter of the affordability of that housing. So, I think we're starting to see where occupancy is stabilizing. And, you know, I think it's still viewed as a very defensive core asset. It's a good asset to invest in.

However, they've had the same issues as everybody else. High interest rates, their increase in operating expenses between insurance and maintenance costs have caused some issues, but also in certain markets, high-growth markets, there's an oversupply in a specific kind of multifamily housing. And so, now you've got diluted occupancy.

So, I've actually seen that here locally where maybe there was a large infusion of capital from various sources within the community, all going into multifamily housing in a college town. And what's happened is that's all caught up, and now it's oversaturated to where people are scrambling to get 60 to 70% occupancy within multifamily.

So, it really depends on your market and where you are. So, I would definitely, the pipeline is going to matter for multifamily. If you're looking at a community that maybe hasn't had a strong pipeline and they're looking for that, that's probably, you know, a good opportunity to look into further.

But for the ones that had an over-infusion a couple years ago and there's still some in the pipeline, that one might not be as beneficial with higher occupancy. You know, another one to keep in mind is hospitality, you know, within our wheelhouse of real estate sector. So, hospitality is funny, right, because there's just really strong different component of labor.

So, of all of our other sectors within real estate, yes, there are people that work within those, but it is not as driven as hospitality has historically been. So, when you think about when you show up to a hotel, there's somebody there waiting for you, right, at the front desk. And how do you feel when you walk in the door and there's no one there? Or if there's a computer waiting for you?

People receive that differently, right? So, I think from an overall standpoint, hospitality has recovered really well, especially since the pandemic. I saw a statistic recently where occupancy was at like 72% for hotels. Yeah, which is incredible in such a good thing to see, right? Because that industry man, it really got close there during the pandemic. You know, I think, you know, their operating margin is vulnerable because of that labor component.

It is more costly. It's also difficult to find people. They've got severe staffing shortages, right? So, between that and then renovation cost pressure, because construction costs are not cheap, right? But to keep themselves differentiated within the market, they need to make sure that they keep the property and the asset relevant within the eyes of the consumer. So, all of that combined, I think it's holding pretty steady, but it's clearly doing well.

I mean, up at 72% occupancy is great considering where it was six years ago. Now the one that makes me a little bit, I don't want to say sad, but office. So, office is an interesting one, right? I would say you'd have to bifurcate office and look at it in two different classes. We consider class A, like prime, trophy, newer, brought on to the market in the last couple of years, right?

And then class B are probably your older girls. They're hanging in there, you know, but they've been around a little bit. So, with class A we're actually seeing that they're performing pretty well. And I think if, the data is not formally out yet, but I've seen in articles and whatnot that Q1 for 2026 is actually projected to be the best first quarter in four years for leasing activity within office space.

Now, it's still down. Overall, from years ago, from the pandemic, it's still very much down. We got high vacancy rates. You know, it's just a matter of the capital is only flowing in selectively within this asset class. It's not broadly like it used to be. And unfortunately, it's that older, the class B component that's facing structural obsolescence that's causing overall and average down.

But then kind of the last one, right, I know we talked about industrial a little bit, but industrial is looking pretty strong, especially because of the data centers. There's a lot of legislation between OB3 plus the incentive, right, or the forced incentive of what this potential Housing Act might be, that there'll be a shift focus over, you know, supported by e-commerce, AI workload growth, overall infrastructure investment, right? So, I think that one is going to probably be the winner of the year, potentially. We'll see where all the cards fall out in about 10 months or so.

IRIS LAWS

Well, that's your magic eight ball. We've heard it here first, Brit.

DEVIN TENNEY

I do have a question, and you just mentioned the Housing Act, Brit. Is there any like, express coordination in this proposed 21st Century Road to Housing Act with the opportunity zone, rural opportunity zone tax credits? Or do you think they just might kind of, you know, work together with each other, but not necessarily, you know, directly involved in that new legislation?

BRIT MORELAND

That's a great question and I will tell you I don't have definitive articles, or opinions, or quotes from anyone in legislation that has connected the dots and said, yes, we had that under consideration when we completed OB3 last summer. But I can't help but feel like there is a piece of this that they knew.

One, there was a lot of gain that was going to hit the market this year because of the legacy 10-year close out to those initial funds, right? And so, you had a lot of tax that's going to hit then, which is really hard on the system. And then, knowing that we have high costs, knowing that we have issues with housing, I don't know if it was intentional or not.

There's actually a part of me that thinks this 20% haircut, potentially, right, may be in response to OB3. That, you know that they've been given this different vehicle, and so now we have the ability to say, hey, listen, we feel comfortable in doing this. Maybe we think there'll be less pushback. Not sure. It's a great question, but there definitely is a very nice puzzle piece in here that fits perfectly together.

IRIS LAWS

Well, you mentioned sort of in your overview of our different subsectors, you know, you mentioned infrastructure costs. And I think that's something that every subsector of real estate is looking at. And we've talked on this podcast a lot about tariff developments, right, and how there's a lot of things changing and they're here to stay. Obviously, that's a very direct impact on the construction industry and that it's, you know, tariffs on imports. But I can't help but think that that would trickle through to the cost of real estate more broadly. To what extent do you think tariffs will play into the cost of real estate and sort of the performance of real estate moving forward?

BRIT MORELAND

Yeah, I, you know, I think in terms of ROI and the projects that were invested in that were not expecting large capital infusion and improvements in the last couple of years. Those are probably feeling the tariff pain point intermittently as they're replacing HVACs, as they're taking care of pieces of the building that might need to be improved slightly or just equipment failed.

But the real hit, I think, is going to be for sure those that were expecting to do a large capital infusion in improvements as well as any build. You know, when you think about tariffs that are on like lumber, steel, copper, right? Copper, we all have copper, that is pushing costs up, you know, between 2 to 4% annually.

And honestly, it's kind of the invisible tax rate because when everyone is completing their projections for a project and what the investment will take and how it will perform, oftentimes you don't necessarily know where that was going to land. If you completed one of those in the last couple of years and then tariffs hit, you're kind of like, well, when is that going to hit?

I don't even know what it's going to look like because there isn't a tariff on me to buy an HVAC. There aren't tariffs on me to pick a particular kind of flooring. So, it's a matter of figuring out overall based on where their vendor is sourcing from to have a better idea. But I do think that we are seeing where there is already a little bit of a pause on those projects where the margin is in play or even being canceled.

I mean, honestly, the tariffs are going to, I think there is a potential risk the tariffs could undermine the affordability goals that we have for housing, because if it takes more to do the same amount as before, then rents are going to go up. They're not going to be able to keep the rents as low as they would like.

And again, Devin, your point, the way that everything plays in together, right? What's to say that this Housing Act isn't also in response to the tariffs? I mean, at the end of the day, this is a bipartisan bill. That Housing Act is a bipartisan bill. So, everybody sees the problem that's there, right, and it is in response to our current environment. Now, whether that response is because of tariffs or other issues, you know, that remains to be seen.

DEVIN TENNEY

Well, Brit, real estate, I think it's a topic that is of interest to people who are even not necessarily involved in the industry. And we've covered quite a bit here: legislation, opportunity zones, even the impact of tariffs. But I think we'd be remiss if we didn't talk a little bit about AI, which is arguably the hottest topic just across the board at the moment.

So, I'm curious, how are you seeing AI right now play into the real estate market specifically? I mean, from an AI deal sourcing or market intelligence, or things like property operations and asset management, tenant experience, I mean, just, it really could be anything. What are you specifically seeing?

BRIT MORELAND

Yeah. So, you hit it right on the head there with those potential examples. And what I would say is it is very much driven by the investor, right, and their threshold or comfort for AI. If you have early adopters who are willing to identify those ways to improve a tenant experience so that they can maintain the same level of occupancy, then you will see those things where they're utilizing chat boxes for services and leasing and retention, or there's, you know, personalized leasing and amenity strategies, right?

You may even see where they're utilizing AI from the standpoint of the lock system on the building. So, it's a matter of what the comfort level is for those investors. I think too, similarly, right, if they feel comfortable in the source of the data as well as the protection of the data, I think that's the other thing too, people are very concerned about is, when I enter this in, where is it going and who has access to it, and how is that group storing it and protecting it?

I think, you know, you're seeing where people are using it to identify on-market and off-market opportunities. You know, they're able to do market strategies to figure out what's the best area to invest in. It's improving the speed at which they can obtain underwriting and that it's more consistent. You know, I think at each level, right, it could be utilized.

It could utilized in the property management, with optimization of the energy that's being used in the building and that you can even have it—wouldn't this be great—they could have a predictive model within maintenance to tell them at what point they expect certain batteries to go out in the building on a fire alarm. And I know it seems silly, but when it's 2 a.m. and you hear that beep, beep, beep, right, it's annoying.

DEVIN TENNEY

Yeah, I need that for my own house.

BRIT MORELAND

I know. So, imagine you have a tool that can do that so that you can improve your tenant experience, or maybe just mitigate a potential bad tenant experience, right? But all of this to say, like I said, it's very dependent on the property manager, the investor, the people who are in charge of that and their threshold for AI and their willingness to invest in it.

You know, I just heard the other day, someone who works for a Fortune 500 company isn't allowed to use AI at that company. Well, they have to send an email to an inbox and have someone else do it and it's outsourced. Now imagine, right? That's a Fortune 500.

If you have a fund who has been well established, right, versus a fund that's maybe a little bit more up and coming, they've taken some risk recently, that could be a differentiator between the two. Because you’ve got, you know, a Fortune 500 company that's well established, may put themselves a little bit behind the buck of those that are up and coming and willing to take the leap of faith in the technology to keep their costs lower.

IRIS LAWS

Wow. Well, Brit, this has been enlightening and I really appreciate just sort of the holistic look about the industry overall, how some tax topics, believe it or not, play into things. And some of these decisions that those in the space are making. So, we are so grateful for your insights and thank you for being here today.

BRIT MORELAND

It was my pleasure. Thank you for having me.

IRIS LAWS

Each episode, we'll bring you what we call a “Focused FORsight of the Week,” an article or webinar that might be of interest to you. Today, I am going to be sharing an article that actually I wrote not too long ago. It's called “Data Centers, Rural Opportunity Zones, and Clean Energy,” which very directly talks about a lot of the topics we discussed with Brit today. So, if that particular topic struck your fancy, take a look at that one.

DEVIN TENNEY

And that's our show. Thanks for joining. Remember to subscribe and listen in for the next episode of the podcast. Until next time.

ANNOUNCER

The information set forth in this podcast contains the analysis and conclusions of the panelists based upon his, her, or their research and analysis of industry information and legal authorities. Such analysis and conclusions should not be deemed opinions or conclusions by Forvis Mazars or the panelists as to any individual situation as situations are fact specific.

The listener should perform their own analysis and form their own conclusions regarding any specific situation. Further, the panelists conclusions may be revised without notice, with or without changes in industry information and legal authorities.

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