Opportunity Zones Hearing Cancelled Due to Shutdown
January 6, 2019
A public hearing scheduled for Thursday, January 10, 2019 on the proposed regulations for Opportunity Zones has been canceled due to the government shutdown. A new date for a public hearing will be published in the Federal Register and scheduled at least two weeks after appropriations for the Department of the Treasury are restored.
NAFOA developed and submitted comments with recommendations to ensure that tribal governments can successfully benefit from the incentive.
- Lease Valuation Clarification - Leases of tangible property must be considered Qualified Opportunity Zone Business Property and count towards the 70% tangible property requirement in the business property definition (1400Z-2(d)(3)(A)(i)).
- Eligible Entities Inclusion - Tribal governments must be included in the eligible entities that can form a corporation or partnership for Qualified Opportunity Funds.
- Tribal Consultation - Treasury and IRS must conduct tribal consultation as soon as possible to ensure that they satisfy Treasury’s Consultation Policy and gather input directly from tribal governments.