Update: Proposed Guidance was published in the Federal Register on October 29, 2018.

On October 19, 2018, the Department of Treasury issued a Press Release regarding their Proposed Regulations on Opportunity Zones designed to incentivize investment in American communities. The press release included the Proposed Guidance that has been submitted for publication in the Federal Register. A publication date has not yet been determined.

IRS also issued Revenue Ruling 2018-29 which provides guidance for taxpayers on the “original use” requirement for land purchased after 2017 in Qualified Opportunity Zones. They also released Form 8996, which investment vehicles will use to self-certify as QOFs. The Revenue Ruling will be in IRB 2018-45, dated November 5, 2018.