Welcome to the May 2019 issue of 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 and related Greenberg Traurig news and events will keep stakeholders apprised of the most pressing issues in this burgeoning space.

In the Administration:

Today, President Trump spoke before the National Association of Realtors’ legislative meeting and highlighted Opportunity Zones in his address.

The president stated it was “amazing the way [Opportunity Zones] worked out.” He complimented Sen. Tim Scott (R-SC) on his advocacy for the program and noted that interest is growing and “jobs that are being created in neighborhoods where people wouldn’t go before, the Opportunity Zones. And it’s starting to be seen and it’s starting to be written about.”

At Treasury:

 HOT DOCS Investing in Qualified Opportunity Funds posted May 1 in the Federal Register

May 1 Treasury regulations explained by Greenberg Traurig’s Jim Lang, Sandy Presant, and Larry Brenman:

Executive Summary: IRS Issues Second Installment of Qualified Opportunity Zone Fund (QOF) Proposed Regulations
Detailed Analysis: IRS Issues Second Installment of Qualified Opportunity Zone Fund (QOF) Proposed Regulations  

 In Congress:

Booker, Scott, Hassan, Young Introduce Bipartisan Bill to Strengthen Reporting Requirements for Opportunity Zone Tax Incentive

S.1344 — 116th Congress (2019-2020): A bill to require the Secretary of the Treasury to collect data and issue a report on the opportunity zone tax incentives enacted by the 2017 tax reform legislation, and for other purposes.

Sponsor: Sen. Booker, Cory A. [D-NJ] (Introduced 05/07/2019) Cosponsors: (3) Committees: Senate – Finance Latest Action: Senate – 05/07/2019

Read twice and referred to the Committee on Finance.

Upcoming Events:

Speaking Engagements 

For additional information, please contact Sharon Mangione.