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Treasury Releases Proposed Opportunity Zone Regulations

Client memorandum | October 22, 2018

The 2017 “Tax Cuts and Jobs Act” created substantial U.S. federal income tax incentives for certain investments in designated lower-income communities known as “Opportunity Zones.” On October 19, 2018, the U.S. Treasury Department and the IRS released its first significant guidance on the Opportunity Zone program in the form of Proposed Regulations (including an extensive Preamble), a Revenue Ruling, a Draft IRS Form (and Instructions) and a press release. While the guidance does not answer every question regarding the Opportunity Zone program, it addresses many of the issues presented by the original legislation and, importantly, indicates that the U.S. Treasury Department and the IRS are committed to providing workable rules for the Opportunity Zone program.

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