Opportunity Zones Working Group Letter Makes Suggestions for IRS Priority Guidance Plan

Friday, October 16, 2020 - 9:15am

The Novogradac Opportunity Zones (OZ) Working Group submitted a letter to the Internal Revenue Service (IRS) this week with recommendations for items to include on the IRS 2020-2021 Priority Guidance Plan. The group’s suggestions are aimed at increasing the effectiveness and efficiency of the OZ incentive and decreasing areas of uncertainty. The letter makes 11 suggestions for issues, including clarifying the 90 percent test investment standard, relief from the substantial consistency requirement in the event of a federally declared disaster, a revenue procedure with guidance on how to apply the related party rules to components of self-constructed property and more.

Needed guidance and other OZ issues will be discussed at the Novogradac 2020 Opportunity Zones Fall Virtual Conference, Oct. 22-23.