Bipartisan Group of Lawmakers Request Additional Regulatory Clarity on Opportunity Zones

16 members of Congress – seven Senators and nine Representatives, all of whom were among the co-sponsors of the Investing in Opportunity Act – have sent a letter to Treasury Secretary Steven Mnuchin calling for additional clarity on aspects of the new Opportunity Zones tax incentive. Among other things, the bipartisan letter urges the Administration to include “reasonable reporting requirements” in future regulations. The IRS released its first round of proposed rules on Opportunity Zones in October, and Enterprise submitted comments on the rules last month, including emphasizing the need for strong reporting requirements and publicly available data on investments in Opportunity Zones. The rulemaking process has been delayed due to the government shutdown, but the IRS is expected to release another round of proposed rules on Opportunity Zones in the near future. The IRS also recently rescheduled a public hearing on Opportunity Zones for February 14.

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