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On April 17, 2019, the Treasury Department released a second set of proposed regulations on opportunity zones. These newly proposed regulations address many key issues in a manner that is generally favorable for taxpayers, and they reduce or eliminate many of the roadblocks that were preventing taxpayers from taking advantage of opportunity zone investments. Some of the significant developments are as follows:
Although these regulations are only proposed at this point, they may be relied upon until final regulations are issued.
There is still uncertainty in how the rules will be applied, but many of the significant questions have now been answered, and there is now more flexibility in how opportunity zone projects may be structured.
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