Today, it was announced that the proposed regulations for the qualified opportunity zone tax program (the “Program”) are being reviewed by the Office of Information and Regulatory Affairs (the “OIRA”) of the Office of Management and Budget. Once the OIRA has completed its review of the proposed regulations, they will return to the Treasury Department and the Internal Revenue Service for publication.
This is encouraging news for investors, developers and business owners looking for guidance on how to utilize the Program and take advantage of its incentives. Williams Mullen is actively monitoring the status of the proposed regulations and will provide updates and alerts to clients as more information becomes available. For additional information on the Program, click here.