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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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The proposed January 10, 2019 IRS hearing on Opportunity Zone regulations released last year was postponed due to the government shutdown. The hearing would have provided the IRS and practitioners the opportunity to discuss the draft regulations to help the IRS understand issues that have been identified so the regulations can be refined to encourage investment. While some real estate projects are moving forward, the potential for new businesses to open in Opportunity Zones and create jobs has been limited in some contexts due to the uncertainty posed by regulations that many believe will be changed. With the government back in operation, the IRS is expected to issue notice of a new date for the hearing. While the timing remains unknown, it is likely the hearing will take place at least two weeks after the notice is issued.

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Additional regulations that were originally expected in December were also delayed because the Treasury Department was shut down.

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Since December 31, 2019 is the deadline for making investments to qualify for a full 15 percent exclusion of existing capital gains taxes, investors are eager to understand potential regulation changes so they can proceed with their investment plans.

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For more information, including a list of our Qualified Opportunity Zones team members, please visit our&nbsp;<a href="https://www.thompsonhine.com/services/qualified-opportunity-zones" target="_blank" rel="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_-_Shutdown_Delays_IRS_Regulations_for_Opportunity_Zones.pdf

Shutdown Delays IRS Regulations for Opportunity Zones