State, Local & Federal Tax

The second set of proposed regulations (the “Proposed Regulations”) released by the IRS with respect to the Opportunity Zone (OZones) program on April 16, 2019 is extremely helpful, generally taxpayer friendly and provides investors with sufficient guidance to close transactions without waiting for a third round of regulations. Treasury has stated that they will likely not issue a third round of guidance. Others have provided summaries of the second set of OZone regulations, so we focus here on several issues raised by the regulations and hopefully, provide some guidance for resolution.

Click here to read the full article written by Corenia Burlingame and Jerry Breed in the Tax Credit Advisor.