Opportunity Zones hearing canceled amid IRS shutdown; Dan Gauthier, Rose Law Group transactional attorney handling many Opportunity Zones, comments

The opportunity zone tax incentive, created in tax reform, is meant to spur development in poor communities. / Photographer Allison Joyce / Bloomberg

 

Incentive has drawn significant attention since tax reform; Majority of agency employees remain furloughed

An IRS hearing on the highly anticipated opportunity zones tax break has been postponed indefinitely, dealing a blow to investors seeking answers on how to cash in on the new incentive.

The IRS announced (REG-115420-18) on Jan. 7 that the public hearing, originally scheduled for Jan. 10, is canceled, news that comes as the bulk of the agency’s employees remain furloughed because of the government shutdown.

The IRS will announce a new date once funding has been restored to the Treasury Department, it said.

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“Due to the government shutdown, the IRS has canceled a key public hearing on the Opportunity Zone program, to be rescheduled after funding to the Treasury Department is restored. We will in all likelihood have to wait until February for further Opportunity Zone guidance.”

~Dan Gauthier

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