Earlier today, the U.S. Treasury Department released REG-115420-18, Investing in Qualified Opportunity Funds — a 74-page regulatory document that clarifies many ambiguities surrounding the new opportunity zones program created by Trump’s Tax Cuts & Jobs Act, but also raises additional questions.

The regulations are still not finalized. There are a few more steps to go through before finalization and official publication in the Federal Register. The IRS expects the rules to be finalized early next year. But most likely, only minor changes will be made to the publication released today.

What is needed is further clarification on business investing. This set of guidelines deals mostly with real estate investing. But business is a trickier topic that will likely be dealt with in the next set of guidelines to be published in early 2019.