Updated Regulations; Timing – while we were originally hearing that the next set of regulations were supposed to be issued by the IRS and Treasury before April 15th, we have now heard as of earlier this week that it is more likely that the next set of regulations will be issued by the end of April rather than by the 15th.
We will keep asking for updated timing and keep you apprised. White House Appointment – Scott Turner was named the executive director of the White House Opportunity and Revitalization Council. Turner will head up the committee that was established by President Trump in December to help implement and optimize use of federal resources connected to the opportunity zones incentive.
Turner previously served in the Texas House of Representatives from 2013 through 2017. Marco Rubio, R-Fla., and Rick Scott, R-Fla., introduced new federal legislation that would allow governors to nominate new areas hit by 2018 hurricanes and California wildfires as opportunity zones.
The Disaster Opportunity Zones Act would enact a new round of OZ designations for North Carolina, South Carolina, Georgia, Florida and California. We will keep our eye on this draft legislation and keep you all apprised as and if this progresses but surely an interesting way to funnel incentive dollars to assist in rebuilding efforts that will be critically necessary.