WASHINGTON, DC—The rules are not completely finalized forOpportunity Zones—yesterday the Internal Revenue Service held ahearing on the subject with testimony provided from severalindustry sources—but investors that are interested in thesetax-advantaged tracts are still working against the clock.Decisions must be made, in other words, whether or not the finalrules are ready. To that end, the American Bankers Association isencouraging the IRS to provide grandfathering and transition rulesfor good faith investments that relied on the original statute andearlier proposed guidance, according to Financial RegulationNews.

In the meantime, investors are pushing forward with OZ projectsin order to maximize the advantages they will receive under theprogram. A new report by Cushman & Wakefield lays out thistimeline.

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Erika Morphy

Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.