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Thompson Hine LLP, a full-service business law firm with approximately 400 lawyers in 8 offices, was ranked number 1 in the category “Most innovative North American law firms: New working models” by The Financial Times and was 1 of 7 firms shortlisted for The American Lawyer’s inaugural Legal Services Innovation Award. The firm has been recognized by the National Law Journal as a Legal Technology Trailblazer and featured by Bloomberg for its innovative service delivery models, which drive accuracy and predictability. The firm’s commitment to innovation is embodied in Thompson Hine SmartPaTHTM – a smarter way to work – predictable, efficient and aligned with client goals. For more information, please visit ThompsonHine.com and ThompsonHine.com/SmartPaTH.

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BREAKING NEWS: Public Hearing on Proposed QOZ Regulations Scheduled

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EPA Brownfields Office Submits Comments on Proposed Regulations

This Thompson Hine Qualified Opportunity Zone Alert covers two important topics: The scheduling of the long-awaited hearing on the first round of proposed IRS regulations and comments on the regulations submitted by the EPA Brownfields Office.

On January 29, the IRS issued a <a href="https://admin.thompsonhine.com/wp-content/uploads/1139/doc/QOZ_regs_hearing_notice_02-14-19.pdf" target="_blank" rel="noopener">notice</a> announcing that the public hearing on the proposed Qualified Opportunity Zone (QOZ) regulations, which was originally scheduled for January 10 but <a href="https://www.thompsonhine.com/publications/shutdown-delays-irs-regulations-for-opportunity-zones" target="_blank" rel="noopener">postponed by the government shutdown</a>, has been rescheduled for February&nbsp;14 at 10:00 a.m.

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A transcript is usually available within two days following the hearing. Typically, there is minimal cross-exchange of points with government representatives, but rather only a restatement by those who have submitted written comments and request to speak.

In addition, at the U.S. Conference of Mayors meeting on January 24, Treasury Secretary Steven Mnuchin stated that the second round of proposed regulations would be issued “shortly.” This second set of regulations was expressly anticipated by the proposed regulations issued in October 2018, which are the subject of the February 14 hearing, and the scope of the second guidance document may include addressing the points in the comments from the EPA Brownfields Office discussed below.

In an unusual move, a federal agency has submitted <a href="https://admin.thompsonhine.com/wp-content/uploads/1139/doc/EPA_comments_on_QOZ_regs.PDF" target="_blank" rel="noopener">comments</a> on another agency’s proposed regulations. Patricia Overmeyer, Acting Deputy Director of the U.S. EPA Office of Brownfields and Land Revitalization, states that the proposed Investing in Opportunity Act has the “potential to spur investment in communities where neighborhoods have long been plagued by concentrated distress … in part due to the challenges of remediating and redeveloping their brownfield sites.” She further indicates that “brownfield sites often stigmatize neighborhoods and perpetuate blight and socio-economic distress.”

The comments’ main purpose is to urge the IRS to include in future guidance provisions that will encourage investments in brownfield sites located in QOZs, particularly to better support remediation efforts. Overmeyer states that brownfields are important in redeveloping QOZ areas because:

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Overmeyer goes on to suggest specific clarifications in the regulations that the EPA believes can provide investors with the confidence to invest in brownfield areas, including:

For more information, including a list of our Qualified Opportunity Zones team members, please visit our <a href="https://www.thompsonhine.com/services/qualified-opportunity-zones" target="_blank" rel="noreferrer noopener">Qualified Opportunity Zones page</a>.

<em>This advisory bulletin may be reproduced, in whole or in part, with the prior permission of Thompson Hine LLP and acknowledgment of its source and copyright. This publication is intended to inform clients about legal matters of current interest. It is not intended as legal advice. Readers should not act upon the information contained in it without professional counsel. </em>

<em>This document may be considered attorney advertising in some jurisdictions</em>.

https://admin.thompsonhine.com/wp-content/uploads/2022/04/Qualified_Opportunity_Zone_Alert_-_Hearing_Rescheduled_-_EPA_Brownfields_Office_Comments.pdf

Recent QOZ Developments: Public Hearing Scheduled & EPA Comments on Proposed Regs