As we’ve written (Will New Qualified Opportunity Zones Change Where to Invest In Philadelphia and the Suburbs?, Will Philadelphia Opportunity Zones See Large Investments?) Opportunity Zones have tremendous potential for real estate investment in Philadelphia and throughout the country.
One of the final remaining hurdles for Opportunity Zone investment is having the final regulatory guidelines from the IRS. According to Bloomberg, the final guidelines should be available by the end of the month.
Program rules could come out before the end of October, Sen. Tim Scott (R-S.C.), a primary force behind the program, told reporters Oct. 10.
When asked about the amount of investment he expects in opportunity zones, Scott said, “I’ve heard upwards of $50 to $80 billion. Some have suggested it will be three digits—so it would be a $100 billion investment in the next couple of years, which I think will be realistic.”
The proposed rules are now with the Office of Management and Budget’s Office of Information and Regulatory Affairs, the last stop before the proposed rules are kicked back to the IRS and made final.