WASHINGTON, DC—The rules are not completely finalized for Opportunity Zones—yesterday the Internal Revenue Service held a hearing on the subject with testimony provided from several industry sources—but investors that are interested in these tax-advantaged tracts are still working against the clock. Decisions must be made, in other words, whether or not the final rules are ready. To that end, the American Bankers Association is encouraging the IRS to provide grandfathering and transition rules for good faith investments that relied on the original statute and earlier proposed guidance, according to Financial Regulation News.
In the meantime, investors are pushing forward with OZ projects in order to maximize the advantages they will receive under the program. A new report by Cushman & Wakefield lays out this timeline.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
