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Proposed regulations for qualified opportunity zones, released to Federal Register

Proposed regulations for qualified opportunity zones

The U.S. Treasury Department and IRS today released for publication in the Federal Register proposed regulations (REG-120186-18) under section 1400Z-2—the provision enacted under the December 2017 tax law concerning investments in qualified opportunity funds.

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Read text of the proposed regulations [PDF 483 KB] (released as 169 pages and published as 42 pages in the Federal Register on May 1, 2019).


Separately, the Treasury Department today released for publication in the Federal Register a notice and request for information [PDF 277 KB] seeking public comments and input on the development of public information collection and tracking related to investment in qualified opportunity funds.


Read a May 2019 report [PDF 708 KB] providing a summary and observations about the proposed qualified opportunity zone regulations.

Advance version of proposed regulations

The IRS and Treasury released a version of these proposed regulations on April 17, 2019. That version of the regulations was posted on the IRS website and includes the following statement:
 

This document will be submitted to the Office of the Federal Register (OFR) for publication. The version of the proposed rule released today may vary slightly from the published document if minor editorial changes are made during the OFR review process. The document published in the Federal Register will be the official document.


Read a computer-generated document [PDF 475 MB] (an unofficial document produced by KPMG) that compares the April 17 version of the proposed regulations against the version submitted Apri 30, 2019, to the Federal Register for publication. This document is intended to show what changes, if any, have been made to the proposed regulations for the Federal Register publication. It has not been reviewed for accuracy.

Read a KPMG report that looks at highlights of the proposed regulations and details about investments in qualified opportunity zones: TaxNewsFlash

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