Opportunity Zone Magazine Opportunity Zone Magazine Volume 1, Issue 1 | Page 5

TREASURY HAS ISSUED NEW PROPOSED OZ REGULATIONS
economic growth that will move these communities forward
and create a brighter future.” renewal,” Trump said. “We want every family to have the
opportunity to live their great American Dream.”
Opportunity Zone professionals, like Phil Jelsma of CGS3 law
firm in San Diego, also welcomed the new proposed guidelines. Key parts of the newly released guidance explain the
“substantially all” requirements for the holding period and
use of the tangible business property, including that at
least 70 percent of the property must be used in a Qualified
Opportunity Zone and that tangible property must be in the
Qualified Opportunity Zone business for at least 90 percent of
the holding period. 
“I think the proposed regulations address many of the issues
that have hindered OZ investments,” he said. “Treasury should
be congratulated for addressing many of the important issues.”
On April 17 at the White House, President Trump participated
in an Opportunity Zone press conference following the release
of the new regulations.
Trump noted how Opportunity Zones are leading to higher
wages, higher property sales and could amount to $100 billion
in investment.
“We want all Americans to share in our great economic
The public can comment on the proposed regulations
at an upcoming hearing at 10 a.m. on July 9 at the New
Carrollton Federal Building in Maryland. Comments can
also be submitted electronically at www.regulations.gov, while
indicating IRS and REG-120186-18.
The Treasury Department plans on issuing additional
guidance before the end of the year.
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