The IRS has confirmed that the Opportunity Zone public hearing previously scheduled for Thursday, January 10, which was cancelled due to the federal government shutdown, has now been rescheduled for February 14 at 10 a.m. Eastern Time.
The public hearing will allow 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 comment period for this hearing ended December 28, 2018.
The subject of the public hearing contains proposed regulations that provide guidance under new section 1400Z-2 of the Internal Revenue Code (Code) relating to gains that may be deferred as a result of a taxpayer’s investment in a qualified opportunity fund.
You can access the notice of public hearing on proposed rulemaking here. For those that plan to attend, the notice includes instructions for adding your name to the hearing attendee list.