IPA Members & Friends,
This afternoon I was honored to represent the PDI community at the White House Opportunity Zone Conference, alongside other federal, state, local, tribal and community leaders from across the nation.
Our working session began with remarks from President Donald Trump, Treasury Secretary Steven Mnuchin, Housing & Urban Development Secretary Ben Carson, Council of Economic Advisers Kevin Hassett and National Economic Council Director Larry Kudlow. Each of their unique perspectives demonstrated the significant impact that Qualified Opportunity Zones are expected to make in communities nationwide.
In my remarks, I communicated the important work and leadership of the entire IPA community, which is creating the critical investment infrastructure necessary to bring Opportunity Zones to life. I also reiterated our steadfast commitment to establishing and maintaining the industry best practices required to ensure successful outcomes for local communities and fund investors alike.
Secretary Mnuchin announced the newest tranche of QOZ regulations released today by the Internal Revenue Service/Treasury Department:
- Investing in Qualified Opportunity Funds
- Request for Information on Data Collection and Tracking for Qualified Opportunity Zones
The IPA will host a webinar with industry tax, accounting and legal experts on Thursday, April 25, at 1:00 p.m. Central, to clarify the latest tranche of guidance:
In addition, we will be supporting two important bills during our meetings with Congressional offices on Hill Day. The first bill would allow chief executive officers of states and territories to designate Opportunity Zones, with the Treasury Department’s approval, every 10 years. Current legislation provides only the initial 10-year designation of Opportunity Zones. The second bill would allow federally declared disaster areas to be added as Opportunity Zones.
Thanks to all of our dedicated IPA members who are actively engaging in the fast-growing Qualified Opportunity Zone community. I will continue to provide updates on our continued progress. I look forward to seeing many of you in Washington, DC for IPA Summit & Hill day, where we will continue this important work together.
President & CEO
Institute for Portfolio Alternatives