The long-awaited second tranche of regulations on Investing in Qualified Opportunity Funds has been approved by OIRA and is now available for public comment.
The 169-page regulatory document is more than twice the size of the first tranche of guidance that was released last October and clarifies most of the outstanding questions that investors had on the tax policy enacted by the Tax Cuts & Jobs Act in December 2017.
In particular, there are several clarifications regarding qualifying business.
UPDATE 4/22/19: Real estate tax law expert Tony Nitti joined me on the Opportunity Zones Podcast to discuss the second tranche: Click here to listen now.
A third tranche of guidance is expected to react to bad actors and potentially clarify some additional reporting requirements later this year.