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What can we expect from the EPA’s request to the IRS for clearer OZ regulations?
I heard that IRS was considering the Environmental Protection Agency’s request for clearer language in OZ regulations to spur investment in contaminated properties. When might this take effect and what can we expect?
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I think treating use of property that has been vacant for five years is the most that will be seen from EPA comments.
The IRS publicly commented that it will "seriously consider" the EPA's input, so any final regulations ought to take the EPA commentary into account. I would expect some new content in the final regulations addressing brownfield sites and such, but we can only speculate as to specifics while using the EPA's letter as a guide.
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