Opportunity Zone Magazine Volume 1, Issue 3 | Page 4

4 OPPORTUNITY ZONE MAGAZINE | VOLUME 1 • ISSUE 3
TREASURY RESPONDS TO THE
COVID-19 CRISIS
BY OFFERING RELIEF FOR THE
OZ INDUSTRY
By Marc L. Schultz
Treasury this month released new guidelines to help OZ investors and funds by extending deadlines and
amending requirements.
On June 4, 2020, Treasury and the Internal Revenue
Service issued Notice 2020-39 to provide relief to
investors and OZ funds due to the COVID-19 crisis.
The change came in response to many OZ working groups as
well as members of congress requesting a number of changes
to certain timing and other requirements to address the effect
of the COVID-19 crisis on OZ investments and transactions.
The notice offers relief under Section 7508A of the
Internal Revenue Code, which provides the Secretary
of the Treasury with the ability to postpone the time
for performing certain acts for up to one year under the
Internal Revenue Laws for taxpayers determined to be
affected by a federally declared disaster.
On March 13, 2020, the president issued an emergency
declaration under the Stafford Act instructing the secretary
of treasury to provide relief under Code Section 7508A
from tax deadlines as a result of the COVID-19 crisis.
Subsequently, all 50 states, the District of Columbia,
and 5 territories were issued major disaster declarations,
establishing the existence of major disasters beginning on
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