New Regulations are Imminent
A major item stifling the Opportunity Zone industry from taking off are the outstanding questions that investors, funds, and developers alike have about the current law and proposed regulations. These questions are significant enough that they’ve been preventing funds from taking in investor dollars and likewise preventing developers from purchasing Opportunity Zone property.
Well, the good news is that the light is now at the end of the tunnel—on of Friday, March 8, 2019, the team at US Treasury turned over its final draft of the second set of proposed regulations to their in-house legal team to review and finalize for publication. Now, it’s only a matter of time until US Treasury’s in-house legal team finishes their review and distributes the next set of regulations out to the public.
So, what date can we expect to see these regulations? Our team here at RevOZ has an inside scoop—we heard directly from members of treasury that they will be released no later than April 12. To be short about it, their release is imminent.
Could there be any further delays? This is very unlikely, even in the case of another government shutdown—which will not happen because the most recent spending package passed by the US Government finalized funding for the entire government through September 30, 2019.
Keep a close eye on our upcoming posts for when the next set of Opportunity Zone regulations are released to the public and for analysis on them!