Welcome to In the Zone: GT Qualified Opportunity Zone News. Our monthly digest of the latest federal and state developments in Qualified Opportunity Zones and Qualified Opportunity Funds and related Greenberg Traurig news and events will keep stakeholders apprised of the most pressing issues in this burgeoning space.
Second set of regulations at OMB:
On Dec. 6, the second set of Treasury regulations implementing Qualified Opportunity Zones to the Office of Management and Budget for regulatory clearance:
|AGENCY: TREAS-IRS||RIN: 1545-BP04||Status: Pending Review|
|TITLE: Qualified Opportunity Funds [TCJA]|
|STAGE: Final Rule||ECONOMICALLY SIGNIFICANT: Yes|
|RECEIVED DATE: 12/06/2019||LEGAL DEADLINE: None|
We understand that these regulations are quite extensive. Many stakeholders are holding out hope to get OMB clearance this year or early next year.
Second bill from QOz Senate Principals Introduced
“U.S. Senator Tim Scott (R-SC) was joined [on Dec. 6] by Senate Finance Committee Chairman Chuck Grassley (R-IA), Senators Marco Rubio (R-FL), Shelley Moore Capito (R-WV), Todd Young (R-IN), Joni Ernst (R-IA), Bill Cassidy (R-LA), and Cory Gardner (R-CO) in the introduction the IMPACT Act, which would reinstate and expand reporting requirements to determine the impact of the more than 8,700 Opportunity Zones across the country. Opportunity Zones were initially proposed by Scott’s Investing In Opportunity Act, first introduced more than four years ago, which included strong reporting requirements. Procedural rules stripped the reporting requirements out of the Opportunity Zones provisions when they were added into the 2017 tax reform package, and Senator Scott has remained committed to restoring and bolstering reporting requirements ever since.”
Visit GT’s Opportunity Zone Funds page for practice details.