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IRS Cancels Hearing on Opportunity Zones Due to Government Shutdown

The IRS has confirmed that the public hearing on the proposed Opportunity Zone regulations scheduled for Thursday, January 10, in Washington, D.C., has been cancelled due to the ongoing federal government shutdown.

The planned hearing was to be held for stakeholders to provide their views on the first set of proposed regulations on Opportunity Zones released in October, around which investors and other industry players still have many questions.

A public hearing is typically required as part of the process of finalizing proposed regulations, following the end of the comment period whereby stakeholders submit their written comments on the proposed regulations to the IRS and Department of Treasury.

The IRS submitted the cancellation notice to the Federal Register on Monday, noting that the hearing will be postponed until “appropriations for the Department of the Treasury have been restored.”

Nearly 400,000 federal employees have been furloughed without pay since the shutdown took effect on December 22, 2018.

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