Treasury, IRS Expected to Issue Proposed Opportunity Zones Regulations this Month

The Department of Treasury and the IRS have submitted a proposed rule on “Capital Gains Invested in Opportunity Zones” to the White House Office of Information and Regulatory Affairs (OIRA) for review. OIRA has a mandated review period of at least 10 days before the rule can be published for public comment. The proposed rule is expected to include regulatory guidance on Opportunity Zones, the new economic development tax incentive that was created in the Tax Cuts and Jobs Act of 2017. Enterprise urges the Department of Treasury and IRS to create a transparent process for developing reporting requirements and regulations that enables robust public input and fosters equitable and inclusive economic growth.