Tax partner Andrew Ben-Ami is quoted in Real Estate Finance & Investment’s article, “Government shutdown leads to cancellation of OZ public hearing,” where he discusses the recent government shutdown’s impact on opportunity zones. A January 10 Internal Revenue Service (IRS) hearing, which was canceled as the agency was closed during the shutdown, was intended to give a platform for public comment on additional proposed opportunity zone regulations.
Andrew explains, “We had expected the second set of proposed regulations this month but now that looks doubtful. Given the backlogs that occur with shutdowns, it could be several months before we can get new regulatory guidance.” He added, “Regulatory guidance is critical here because the actual legislation left many details to be defined in the regulations. Unfortunately, time is not always on an investor’s side.”
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|Ben-Ami, Andrew R. Partner and Chair of Tax Practice||Partner and Chair of Tax Practice||212.216.8025|