State Economic Development Officials Comment on OZ Proposed Rules
A group of state economic development officials sent a comment letter July 1 to the Internal Revenue Service on proposed rules for investing in qualified opportunity funds. The letter addresses the substantial improvement requirement, clarification of rolled-over opportunity fund capital, flexibility for the 90 percent requirement for new opportunity funds, reporting requirements for opportunity funds and proposals for future legislative consideration. In the letter, the group also asks for the opportunity to amend zone boundaries, to supplement the current zones with a small number of additions or a hybrid approach.
This letter will be discussed at the Novogradac 2019 Opportunity Zones Fall Conference in Chicago, Oct. 24-25, which will include a session dedicated to IRS and Treasury opportunity zones guidance.