Michael Best was very pleased to be able to work with the U.S. Department of the Treasury in securing Dan Kowalski as a speaker at the American Bar Association Real Property, Trust and Estates Section Spring CLE Conference regarding Opportunity Zones.
Dan Kowalski, who is the special counselor to Secretary of the Treasury Steven Mnuchin, is in charge of all issues related to Opportunity Zones, and was integrally involved in the two rounds of clarifications released by Treasury as recently as April.
Kowalski expressed that the Treasury Department is listening closely to comments made by the industry in two rounds of comment periods, about how the program could be put to more use, and the logic behind some of the clarifications which Treasury issued in April. He acknowledged that there is pressure for Treasury to extend the program, so that projects commenced later than December 31, 2019, can still have the full benefits of the program, but cautioned the audience not to wait for regulations and clarifications on every aspect of the program. He also advised that if developers wait until every variable of the program is set in stone, they will likely miss out on some of the timetables in the program.
That said, there are refinements that can and should be made to the current statute. Michael Best is working with policymakers in Washington, D.C. to develop and implement further revisions to the Opportunity Zone legislation to ensure that the original intent of the legislation is achieved.
If you have questions about Opportunity Zones, please call Nancy Leary Haggerty. If you would like to learn more about Opportunity Zones, our Opportunity Zone Practice Group’s service offerings and our team, click here.