The 169-page set of rules follows criticisms that existing regulations under the government’s opportunity-zones program did not do enough to promote startup businesses, reports The New York Times.

“This round of regulations removes some of the most significant impediments keeping capital on the sidelines, especially as it relates to operating businesses,” said John Lettieri, president of the Economic Innovation Group, a research organization that developed and championed the Opportunity Zone concept, speaking to the newspaper.

"The new rules help answer many questions that have been holding back investments into the new program," said Phillips Hinch, ICSC's vice president of tax policy. "For real estate, the regulations provide more flexibility to meet the time requirements to make substantial improvements to a property and also clarify when an opportunity-zone fund can make debt-financed distributions to its investors."

The opportunity-zones program offers tax incentives by which investors can defer, reduce or even eliminate taxes on certain capital gains when they are invested in areas designated by the government as opportunity zones.

Federal officials pledged in January to fast-track the rule process, which was delayed for weeks by the government shutdown. The process includes formal responses to questions and suggestions submitted by accountants, tax lawyers, developers, investors, trade associations (including ICSC) and other stakeholders.