August 31, 2019: Federal Register (full link below)
Review of DOC Policy in Opportunity Zones
Consistent with Executive Order 13853, “Establishing the White House Opportunity and Revitalization Council,” (“The Council”) (“Executive Order 13853” or “the Order”) this document informs the public that the U.S. Department of Commerce (“DOC” or “the Department”) intends to maximize the beneficial impact of investment in Opportunity Zones. In accordance with the implementation guidance issued by the Council, the Department has been charged with leading the Economic Development subcommittee (“work stream”) on Opportunity Zones. To inform that work, DOC is reviewing economic development programs policies, practices, planned actions, regulations, and guidance across the entire Federal Government and within its own programs. Through this notice, DOC seeks input and recommendations from the public to help spur economic development in qualified Opportunity Zones and other distressed areas across the country.
Written comments on this request for information (“RFI”) must be submitted by October 18, 2019.
The 2017 Tax Cuts and Jobs Act (Pub. L. 115-97) created new tax incentives to encourage the investment of private capital in projects and activities intended to catalyze economic development and job creation in low-income communities nationwide designated by governors as “Opportunity Zones.” Opportunity Zones are low income census tracts nominated by governors and certified by the U.S. Department of the Treasury. The Opportunity Zone designation encourages investment in these certified census tracts by granting investors extensive Federal tax advantages for using their capital gains to finance new projects and enterprises (or substantially improve existing projects and enterprises) located within qualified Opportunity Zones. For more information on the Opportunity Zones tax incentives, please see IRS guidance found at: https://www.irs.gov/newsroom/opportunity-zones-frequently-asked-questions.
IRPT Members, if you are unsure if you are in an opportunity zone, I found this awesome interactive map on the web: https://opportunitydb.com/tools/map/