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.”
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|
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.
- May 21: Opportunity Zone Summit with SunTrust Bank, Dr. Phillips Foundation, Luncheon, Orlando, Jim Lang
- May 21: KBKG Opportunity Zone Deals, Separating Facts From Fiction: An Interactive Discussion with Thought Leaders in the OZ World, Online Webinar, 1:00 – 2:00 PST, Jim Lang, Sandy Presant, Ryan Bailine
- May 23: GT In-house Webinar, “The Second Tranche of IRS Opportunity Zone Regulations Are Released – What You Should Know” – 12:30 – 1:30 p.m. ET, Jim Lang
- June 2-June 4: 41st Annual NYU International Hospitality Industry Investment Conference, New York Marriott Marquis (Jim Lang’s OZ Panel is 6/4 at 3:30 – 4:30 pm)
- June 5: NAIOP Tampa Ozone Event, 11:30 a.m. – 2:00 p.m., The Tampa Club
- June 18: Opportunity Zone Presentation with HFF, 8:00 – 10:00am, The University Club, Tampa, FL, Jim Lang
- June 20: Strafford CLE Webinar: Qualified Opportunity Zones: New Tax Incentives, 1:00 – 2:30 EDT, Jim Lang
For additional information, please contact Sharon Mangione.