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

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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]

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.”

Visit GT’s Opportunity Zone Funds page for practice details.