Opportunity Zone Updates
New Date for Internal Revenue Service (“IRS”) Hearing on Opportunity Zone Regulations
The IRS will hold a public hearing on February 14, 2019, at 10 a.m. ET, on proposed regulations concerning investments in qualified opportunity funds. The original hearing, scheduled for January 10, was postponed due to the federal government shutdown. For further details on the hearing click here.
Letter from Congress Urging Treasury to Address Key Opportunity Zone Issues
Seven Senate members and nine House original co-sponsors of the Investing in Opportunity Act, on which the Tax Cuts and Jobs Act provision was based, signed a letter to Congress addressing Opportunity Zones. The letter supported proposed regulations stating they were “an important first step towards realizing the intent of the Opportunity Zone incentive and providing clarity for community leaders and investors.” However, it also noted that “a number of important questions remain, especially in regards to investments in operating businesses – a central goal of the underlying legislation.”