A public hearing is generally required before proposed Treasury Regulations can be finalized. Such a hearing usually takes place following a specific period during which the IRS and Department of Treasury solicit comments on the proposed guidance. The IRS received in excess of 150 comments to the October 17, 2018 Proposed Regulations, seeking feedback on the definitions and application of the “substantial improvement” and “original use” tests, both of which would significantly impact how future real estate development qualifies for the Program’s tax deferral benefits. The “related party” rule is another area where substantial clarification is being sought. The rescheduled hearing will take place February 14 at the IRS at 1111 Constitution Avenue