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TREAS/IRS | RIN: 1545-BP04 | Publication ID: Fall 2019 |
Title: Qualified Opportunity Funds | |
Abstract:
This regulation provides rules under new 1400Z-2 of the Internal Revenue Code relating to how qualified opportunity funds will invest the amount of their investors’ deferred gains into qualified opportunity zone property and qualified opportunity zone businesses. Specifically, the proposed regulation addresses what types of property qualify as qualified opportunity zone business property, and the steps a qualified opportunity zone business must take to be a QOZB. Further, this regulation provides guidance on the penalty imposed for failure to meet the investment standard required by 1400Z-2(d). This regulation applies to qualified opportunity funds, and taxpayers who invest in such funds. These proposed regulations provide reporting requirements for QOFs when an investor divests from the QOF. |
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Agency: Department of the Treasury(TREAS) | Priority: Economically Significant |
RIN Status: Previously published in the Unified Agenda | Agenda Stage of Rulemaking: Final Rule Stage |
Major: Yes | Unfunded Mandates: No |
EO 13771 Designation: Deregulatory | |
CFR Citation: 26 CFR 1 | |
Legal Authority: 26 U.S.C. 7805 Pub. L. 115-97, sec. 13823 |
Legal Deadline:
None |
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Timetable:
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Additional Information: REG-120186-18 Drafter attorney: Kyle Griffin (202) 317-4718 Reviewer attorney: Erika Reigle (202) 317-7006 Treasury attorney: Michael Novey (202) 622-1339 CC:ITA:B05 | |
Regulatory Flexibility Analysis Required: No | Government Levels Affected: None |
Federalism: No | |
Included in the Regulatory Plan: No | |
RIN Data Printed in the FR: No | |
Agency Contact: Kyle C. Griffin General Attorney Department of the Treasury Internal Revenue Service 1111 Constitution Avenue NW., Washington, DC 20224 Phone:202 317-4718 Fax:855 576-2338 Email: kyle.c.griffin@irscounsel.treas.gov |