IRS Submits Final Opportunity Zones Regulations to OIRA for Review
December 9, 2019 | Jimmy Atkinson | Opportunitydb.com
The IRS has completed final regulations on Qualified Opportunity Funds and has sent them to the White House for review.
The final set of regulations will merge and clean up the first and second tranches of proposed guidance. The final version is expected to be over 500 pages in length.
The regulations are now under review at the Office of Information and Regulatory Affairs (OIRA), a division of the White House Office of Management and Budget (OMB). OIRA has 30 days to review the regulations. Once approved, the rulemaking will be published by the Office of the Federal Register.
It is unclear if the regulations will be published before the end of 2019. The Novogradac Opportunity Zones Working Group has requested that the regulations be published either before December 21, or not until after the end of the year.
