Opportunity Zone Proposed Regulations Sent to Office of Management and Budget for Review
The IRS has sent regulations related to capital gains invested in Opportunity Zones to the Office of Information and Regulatory Affairs of the Office of Management and Budget (RIN 1545-BP03). The regulation is flagged as a Tax Cuts and Jobs Act regulatory action, meaning that OMB has 10 business days to complete its review of these regulations under the agency’s memorandum of agreement with the Department of Treasury.
The regulations were received by the agency on September 12, which would put the date by which OMB is supposed to finish its review prior to end of September.
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