Treasury sends proposed opportunity zones regulations to OMB for review

The Treasury department has sent its proposed regulations regarding opportunity zones to the Office of Management and Budget for review. As part of the Tax Cuts & Jobs Act, the proposed opportunity zones rules are subject to an expedited 10-day review period (usually 45 days) by the OMB. Once approved, Treasury will release its guidelines for a public comment period before issuing the final rules. Expect the Treasury guidelines to be available for public comment in late September or early October. Update 10/19/18: The IRS has published the first tranche of proposed Opportunity Zones regulations.