On Oct. 19, the IRS and Treasury Department issued proposed regulations and a Revenue Ruling as the first part of its long-anticipated guidance package regarding the Opportunity Zone program. Enacted at the end of last year as part of the 2017 Tax Act, the Opportunity Zone program offers significant tax incentives (including gain deferral and partial exclusion) to investors who make qualified investments of capital gains in Opportunity Zones — i.e., the low-income urban and rural communities that were designated as Opportunity Zones earlier this year.

Check out McGuireWoods’ preliminary analysis of the proposed regulations here.