A bipartisan group of lawmakers is concerned about how future guidance on opportunity zones will affect deployment of investments in businesses.
“We are concerned with the proposed rule requiring an Opportunity Zone business to derive 50 percent of its gross income from the active conduct of a trade or business ‘in the qualified opportunity zone,’” the lawmakers said a letter to Treasury Secretary Steven Mnuchin released Jan. 24. This rule would “significantly limit the ability for local operating businesses to qualify for Opportunity Fund investment, contrary to congressional intent,” they said.
- The Treasury Department should instead “remove this ...