By Naomi Jagoda | The Hill
The Treasury Department and IRS on Thursday released a draft form that is designed to collect information about investments made under the “opportunity zone” provision in President Trump’s tax-cut law.
The release of the form comes amid concerns from lawmakers that the opportunity-zone program doesn’t have enough guardrails to ensure that it is actually meeting its intended goal of revitalizing economically distressed areas.
“This is an important step towards a thorough evaluation of the Opportunity Zone tax incentive,” Treasury Secretary Steven Mnuchin said in a statement. “We want to understand where Opportunity Zone investments are going and strengthening the economy so that investors and communities can learn from the successes of this bipartisan, pro-growth policy.”
“Yesterday, the Treasury Department and IRS released a draft form to address concerns about the lack of reporting and accountability required on the part of qualified opportunity funds. Fund principals and investors should monitor the status of additional reporting requirements that may materialize.”
~Daniel Gauthier, Rose Law Group attorney, handling many opportunity zone investments
