Sen. Tim Scott (R-SC) Submits Letter to the Treasury and IRS Urging QOZ Relief
Sen. Tim Scott (R-SC) and eight colleagues (Sens. Todd Young (R-IN), Pat Roberts (R-KS), Bill Cassidy (R-LA), James Lankford (R-OK), Steve Daines (R-MT), Ben Sasse (R-NE), Marsha Blackburn (R-TN), and Martha McSally (R-AZ)) yesterday sent a letter to the U.S. Treasury Department (the Treasury) and the Internal Revenue Service (IRS) outlining 10 requests for modification of rules concerning Qualified Opportunity Zones (QOZs) in light of the COVID-19 pandemic.
The IPA commends Sen. Scott, the original sponsor of the Opportunity Zone program, and his colleagues for taking proactive steps to protect American capital during this unprecedented economic crisis. In addition to lending our support to a coalition letter led by our partner Novogradac, which was submitted to the IRS and Treasury on April 7, the IPA has been in direct and ongoing dialogue with Sen. Scott’s office and senior staff over the last several weeks urging for these important modifications.
We were thrilled to see that Sen. Scott’s letter to the IRS and Treasury was substantially similar to the concerns expressed by the IPA and our partners. We want to send a special thank you to Dan Cullen, partner at Baker & McKenzie, for his continued support and assistance on these critical issues for our members.
The IPA will continue our proactive engagement with legislators and regulators to achieve necessary relief for the IPA community and the industry as a whole during this crisis.
If you have any questions or concerns, please don’t hesitate to reach out to Tony or me.
SVP, Government Affairs and General Counsel
Institute for Portfolio Alternatives