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In the Zone: GT Qualified Opportunity Zone News – December 2019

Welcome to In the Zone: GT Qualified Opportunity Zone News. Our monthly digest of the latest federal and state developments in Qualified Opportunity Zones and Qualified Opportunity Funds.

Hot Topics

Second Set of regulations at OMB:

On Dec. 6, the second set of Treasury regulations implementing Qualified Opportunity Zones to the Office of Management and Budget for regulatory clearance: 

AGENCY:
TREAS-IRS

RIN:
1545-BP04

Status:
Pending Review

TITLE:
Qualified Opportunity Funds [TCJA]

STAGE:
Final Rule

ECONOMICALLY SIGNIFICANT:
Yes

RECEIVED DATE:
12/06/2019

LEGAL DEADLINE:
None

We understand that these regulations are quite extensive. Many stakeholders are holding out hope to get OMB clearance this year or early next year.

Second bill from QOz Senate Principals Introduced

Scott, Grassley, Colleagues Introduce Expanded Bill on Opportunity Zone Reporting Requirements

“U.S. Senator Tim Scott (R-SC) was joined [on Dec. 6] by Senate Finance Committee Chairman Chuck Grassley (R-IA), Senators Marco Rubio (R-FL), Shelley Moore Capito (R-WV), Todd Young (R-IN), Joni Ernst (R-IA), Bill Cassidy (R-LA), and Cory Gardner (R-CO) in the introduction the IMPACT Act, which would reinstate and expand reporting requirements to determine the impact of the more than 8,700 Opportunity Zones across the country. Opportunity Zones were initially proposed by Scott’s Investing In Opportunity Act, first introduced more than four years ago, which included strong reporting requirements. Procedural rules stripped the reporting requirements out of the Opportunity Zones provisions when they were added into the 2017 tax reform package, and Senator Scott has remained committed to restoring and bolstering reporting requirements ever since.”

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About this Author

Robert Maples, Greenberg Traurig Law Firm, Northern Virginia, Washington DC, Government Policy
Director

Robert Y. Maples is experienced in the Washington, D.C. federal, state and public affairs arenas. He has also been an advocate for building pragmatic alliances to resolve major social issues and has pioneered strategies for addressing complex public affairs crises in collaborative versus confrontational contexts. He continues his advocacy of pragmatic alliances in furtherance of client/government collaborations among the Congress and federal agencies, and serves as state counsel on complex client public policy matters. He is experienced in complex problem solving in...

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