IRS Submits Opportunity Zone Regulation to OMB for Review

The Internal Revenue Services submitted regulatory guidance for the Qualified Opportunity Zone Program to the Office of Information and Regulatory Affairs, a division of the White House Office Management of the Budget (OMB) on Wednesday September 12.  This proposed rule is expected to clarify several issues relating to the incentive.  The specifics of the proposed regulatory language is not yet public and will likely take at least ten days, if not longer for review and potential approval by OMB.  NH&RA will provide a summary of the analysis when it becomes available.