June 23, 2026: OZ 2.0 is Coming: Are You Ready?

The One Big Beautiful Bill Act (OBBBA), signed into law July 4, 2025, made opportunity zones (OZs) a permanent part of the tax code and created a new round of OZs that will'take effect Jan. 1,'2027.'The U.S. Department of the Treasury and the Internal Revenue Service (IRS)'released a notice June 18 describing transitional guidance'it plans to propose for investments into existing OZs as amended by the OBBBA. On this episode of Tax Credit Tuesday, Michael Novogradac, CPA, and Novogradac partner Jason Watkins, CPA, review the notice and discuss the proposed transitional regulations. The pair also discuss important questions about how existing investments will be treated and how new investments should be structured, as well as planned next steps for the Novogradac Opportunity Zones Working Group.