By Opportunity Zone Expo staff
Hundreds of industry stakeholders attended a five-hour Opportunity Zone hearing in Washington, D.C. on Feb. 14, calling for clarifications and more flexible regulations on the Opportunity Zone tax incentive program.
Among the concerns brought up during the Internal Revenue Service’s hearing was the six-month window given to Qualified Opportunity Funds to hold capital before investing the money into an Opportunity Zone. Some urged the U.S. Department of the Treasury to relax that period because the program lacks its final guidelines, according to media reports of the hearing. Others voiced concerns about deploying capital within six months, calling it too demanding of a task for a newly formed fund.
Other comments included whether a business can sell more of its goods and services outside the Opportunity Zone it is located in. The proposed regulations could be interpreted in a way that requires 50 percent of gross receipts originate from within the business’ Opportunity Zone, a requirement that would disqualify many businesses from the program based on their sales.
The hundreds of meeting participants included attorneys, developers, economists and accountants.
The IRS only listened to testimony during the hearing. It had received more than 150 written comments beforehand, according to media reports. No decisions were made about changing any of the draft regulations, but IRS officials plan to host another session and consider permanent regulations in the coming months. No hearing date has been set.
By Opportunity Zone Expo staff Hundreds of industry stakeholders attended a five-hour Opportunity Zone hearing in Washington, D.C. on Feb. 14, calling for clarifications and more flexible regulations on the Opportunity Zone tax incentive program. Among the concerns brought up during the Internal Revenue Service’s hearing was the six-month window given to Qualified Opportunity Funds to hold capital before investing the money into an Opportunity Zone. Some urged the U.S. Department of the Treasury to relax that period because the program lacks its
By Opportunity Zone Staff The IRS public hearing date regarding proposed regulatory changes to Opportunity Zone legislation is set for Feb. 14. The original hearing was postponed due to the partial U.S. government shutdown. The hearing’s agenda includes proposals on qualifications for Qualified Opportunity Funds, what “substantial improvement” might mean for buying a building in an Opportunity Zone, and clarifications on deferring capital gains for federal income tax purposes. The public comment period on the proposed regulatory reform ended Dec. 28. Requests to
By Opportunity Zone Expo Staff California State Treasurer Fiona Ma announced Friday at the Opportunity Zone Expo that the Golden State is looking to conform aspects of its tax code with Opportunity Zone legislation in an effort to boost local economies and spur investment. “We want you to stay here,” Ma said to the sold-out expo crowd at the JW Marriott L.A. Live hotel in downtown Los Angeles. “California is open for business.” The industry-leading expo hosted more than 1,000 professionals who packed
By Opportunity Zone Staff More than 1,000 professionals from around the United States attended the Opportunity Zone Expo on Friday in downtown Los Angeles to learn and network about Opportunity Zones. The sold-out event at the JW Marriott L.A. Live hotel was headlined by three keynote speakers: California State Treasurer Fiona Ma, former Nevada Attorney General Adam Laxalt and former Congressman Keith Rothfus of Pennsylvania. It was standing-room only for many of the expo’s panelist tracks that explored investment and capital raising strategies.
By Opportunity Zone Expo Staff The Opportunity Zone Expo is proud the announce keynote speaker Keith Rothfus, a former congressman from Pennsylvania, where he represented the state’s 12th Congressional District from 2013 to 2019. During his time in Congress, Rothfus was passionate about ensuring that America remains the land of opportunity and freedom that the founders intended it to be. He was appointed to serve as vice chairman of the Subcommittee on Financial Institutions and Consumer Credit for the 115th Congress. He also served on the Subcommittee on
By Opportunity Zone Expo Staff The U.S. Department of Treasury designated more than 8,700 tracts nationwide as Qualified Opportunity Zones, chosen by governors of each state based on census tracts. For investors interested in opportunity zones, experts say selecting the right location for their investment should be carefully considered. “Programs are available throughout the United States, but much of the immediate activity appears to be in the major metro areas,” said John Lore, managing partner for New York-based Capital Fund Law Group. “New York has been a primary area of focus for opportunity
By Opportunity Zone Expo Staff The IRS public hearing about the proposed regulations for the Opportunity Zone program scheduled for Thursday, Jan. 10, has been postponed due to the partial federal government shutdown. In a notice published Monday, the Internal Revenue Service said a new public hearing date will be announced once appropriations for the Treasury Department have been restored. The hearing date, which will be published in the Federal Register, will be at least two weeks after the announcement of
California State Treasurer Fiona Ma to keynote country’s largest Opportunity Zone Expo in Los Angeles
By Opportunity Zone Expo Staff California State Treasurer Fiona Ma, who was inaugurated in Sacramento today, will be a keynote speaker at the Jan. 25 Opportunity Zone Expo, the country’s leading education, networking and marketing event for key players in the industry. Ma is one of more than 50 government officials, industry professionals and accomplished investors sharing their insight at the expo, which takes place at the JW Marriott L.A. Live hotel in downtown Los Angeles. The conference will also feature keynote addresses from Nevada Attorney General Adam Laxalt and Congressman Alex Mooney of West