On Wednesday, October 17, 2018, the Office of Information and Regulatory Affairs of the Office of Management and Budget completed its review of the proposed qualified opportunity zone (“OZ”) regulations and sent them back to the Treasury Department and the Internal Revenue Service for release and publication. We anticipate that these proposed regulations will be available very soon. Once released, Williams Mullen will review the OZ regulations and provide updates on the impacts of such guidance on OZ projects and investments.