Washington, D.C. – The Economic Innovation Group (EIG) welcomes the release of additional guidance from the Internal Revenue Service related to investments in Qualified Opportunity Zones. As has been done for other areas of tax planning, the new guidance extends key deadlines and provides much-needed flexibility for Qualified Opportunity Funds and investors to help ensure their activities are not negatively impacted by the COVID-19 pandemic.
“As communities navigate the current economic crisis, the new guidance from the IRS will help avoid disruptions to ongoing investments in areas of the country disproportionately affected by the COVID-19 crisis,” said EIG President and CEO John Lettieri. “The guidance will strengthen the capacity for Opportunity Zone investment to play a key role in supporting a strong recovery in low-income communities nationwide in the months ahead.”
On April 1st, EIG sent a letter requesting that the Treasury and IRS issue relief and additional guidance related to investment in Opportunity Zones in response to the COVID-19 emergency. Several of EIG’s questions and recommendations were addressed in the new guidance, including extensions to allow Qualified Opportunity Funds additional time to meet key tests.
About the Economic Innovation Group (EIG)
The Economic Innovation Group (EIG) is an ideas laboratory and advocacy organization whose mission is to advance solutions that empower entrepreneurs and investors to forge a more dynamic American economy. Headquartered in Washington, D.C. and led by an experienced, bipartisan team, EIG convenes leading experts from the public and private sectors, develops original policy research, and works to advance creative legislative proposals that will bring new jobs, investment, and economic growth to communities across the nation. For more information, visit eig.org.