The IRS submitted Opportunity Zone regulatory guidance to the Office of Information and Regulatory Affairs, a division of the White House Office Management of the Budget (OMB) for review. After OMB conducts a mandated review of the guidance, which must last at least 10 days, and approves of it, it will then be published in the Federal Register. Novogradac predicts the guidance will likely be published by the end of the month. Opportunity Zones were born out of the Tax Cuts and Jobs Act passed last December and area tax incentive intended to encourage investment in low-income and economically distressed areas. States and investors have been eagerly awaiting this guidance, which will clarify important tax and qualification related questions.

NY Opportunity Zones are linked here.