Opportunity Zones: Treasury Releases Proposed Regulations on Tax Incentives for Investment in Design
On Friday, October 19, 2018, Treasury issued much-anticipated guidance in the form of Proposed Regulations and related Revenue Ruling 2018-29 to allow investors to move forward with Qualified Opportunity Zone (QOZ) projects. The QOZ tax incentive was established as Internal Revenue Code Section 1400Z-2 in the 2017 Tax Cuts and Jobs Act to encourage long-term capital investment and job creation in distressed communities. Treasury has designated 8,761 QOZs across the country.
