The authority to implement IRC 1400Z-1 and 1400Z-2 has been delegated to the IRS. The CDFI Fund is supporting the IRS with the Opportunity Zone nomination and designation process under IRC 1400Z-1 only.
Treasury and IRS have issued an initial set of proposed regulations and guidance on how the Qualified Opportunity Zone tax benefits under IRC 1400Z-2 (including the certification of Qualified Opportunity Funds and eligible investments in Qualified Opportunity Zones) will be administered. IRS also has posted a list of Frequently Asked Questions about Opportunity Zones on the irs.gov Tax Reform pages. You may submit comments on the proposed regulations electronically via the Federal Rulemaking Portal at www.regulations.gov (IRS REG-115420-18). You will want to monitor the Tax Reform page at the IRS website for additional Opportunity Zone information and other Tax Reform information. For any other questions, please call (800) 829-1040.