According to recent reports, the much anticipated second set of Opportunity Zone proposed regulations should be released by the Internal Revenue Service within the next couple of weeks. Bloomberg News reported on Monday, March 18, 2019 that the Internal Revenue Service sent the proposed regulations to the White House’s regulatory review office on March 12, 2019 and Treasury Secretary Steven Mnuchin indicated during a March 14, 2019 Senate Finance Committee hearing that the new guidance will be released within the next month. The new Opportunity Zone rules were contained in the Tax Cuts and Jobs Act and have received significant interest from investors and developers based on the substantial tax benefits available to investors in Qualified Opportunity Funds. The initial set of proposed regulations were released by the Internal Revenue Service last Fall, and although very helpful, left several unanswered questions, many of which will hopefully be addressed by this new second set of regulations. An overview of the Opportunity Zone rules can be found here.