Opportunity Zones Working Group Issues Letter on Proposed Regulations
The Novogradac Opportunity Zones (OZ) Working Group sent a letter to the Department of Treasury and the Internal Revenue Service (IRS), commenting on issues raised by Treasury regulations for OZs, providing recommended solutions and responding to specific requests by the agencies. Treasury issued its initial tranche of proposed Treasury regulations in October 2018 and further guidance is expected soon. The Novogradac OZ Working Group letter highlights 13 issues with the proposed regulations and makes recommendations for revisions. Treasury and the IRS scheduled a Jan. 10 public hearing on OZ regulations.