Treasury Tag Archives

Jared Bernstein op-ed: “give OZs a chance, while scrutinizing their progress”

In a Washington Post op-ed, Jared Bernstein, former chief economist to former Vice President Joe Biden and senior fellow at the Center on Budget and Policy Priorities, describes the early developments, including the Zone certification process, market reactions and some proposed investment targets of Opportunity Zones. While Bernstein notes the gentrification risk of Opportunity Zones, he concludes that the selected Zones have both the need and capacity to absorb new investment, development and people without displacing local residents. He calls on Treasury to dictate strong reporting requirements that will accommodate thorough evaluation.

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IRS proposed rule on reissuance of state or local bonds

The Internal Revenue Service (IRS) issued a proposed rule on reissuance of state or local bonds. The proposed rule provides steps for determining when tax-exempt bonds are treated as retired for purposes of sections 103 and 141 through 150 of title 26 of the Code of Federal Regulations. The proposed rule also amends §1.1001–3(a)(2) of the Internal Revenue Code to conform that section to the special rules in the proposed rule for retirement of qualified tender bonds.

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