List of designated Qualified Opportunity Zones (QOZs): This spreadsheet
was updated December 14, 2018, to include two additional census tracts in Puerto Rico that, based on 2012-2016 American Community Survey data, meet the statutory criteria for a Low-Income Community and are deemed as designated QOZs.
The Office of Information and Regulatory Affairs (OIRA) has received the second tranche of regulatory guidance for review from the Internal Revenue Service (IRS) concerning the Opportunity Zones (QOZ) incentive. The proposed IRS rule is expected to address what types of property qualify as Qualified Opportunity Zone business property. Other regulatory topics include: the penalty for a qualified opportunity fund’s failure to meet the 90 percent investment standard, steps an QOZ business must take to be qualified, guidance on the penalty imposed for failure to meet the investment standard required by 1400Z-2(d), and more. After a mandated review of at least 10 days, the OMB is expected to release the guidance to be published in the Federal Register. The first tranche of guidance was reviewed for 36 days before it being published.
The Benefits & Challenges Ahead from Opportunity Zones in Baltimore
Over 200 businesspeople throughout the region attended the City Garage in Port Covington to hear speakers Kemp and John Lettieri, president and CEO of the Economic Innovation Groupon discuss the challenges ahead for Baltimore’s Opportunity Zones. Other attendees that came out to take part in this event include Lt. Gov. Boyd Rutherford, Baltimore Mayor Catherine Pugh, state and city economic development officials and investors and developers.