Opportunity Zone Rules Leave Out Data Reporting, Penalty Details

Proposed rules on opportunity zones left some holes—such as the breadth of data the government has the authority to collect on the funds and how the Internal Revenue Service will handle penalties.

The extent to which the IRS and Treasury Department will provide answers is unclear. Officials have said publicly that there will be three tranches of rules, with the April 17 batch being the second (REG-120186-18). But a Treasury official told reporters when the rules were released that the department doesn’t have a set plan for a third round, and this latest batch could be ...