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 the date.
The Jan. 10 meeting was originally scheduled in October giving industry professionals and others a 90 day comment period regarding the draft regulations concerning capital gains invested in Qualified Opportunity Funds. Some of the proposed changes include:
Providing some initial proposed rules about qualifying as a Qualified Opportunity Fund Addressing the “substantial improvement” requirement with regards to buying a building in a qualified Opportunity Zone. Clarification that taxpayers eligible to defer capital gains for federal income tax purposes include individuals, C corporations (including regulated investment companies and real estate investment trusts), partnerships, common trust funds, qualified settlement funds and disputed ownership funds.