News

Monday, April 22, 2019

A bill to conform Hawaii to the Internal Revenue Code for investments in federal opportunity zones (OZs) in the state has been sent to Gov. David Ige. S.B. 1130 would be effective for taxable years beginning Jan. 1, 2019, and the OZ provisions would apply only to investments in Hawaii’s OZs. Ige has until Sunday to veto the bill. If he signs it or takes no action, it becomes law.

Monday, April 22, 2019

Legislation in Texas to create a 25 percent tax credit for investments in opportunity zones (OZs) and rural areas passed the House and is now before the state Senate. H.B.

Monday, April 22, 2019

Legislation in Nebraska that would give priority to federal opportunity zones (OZs) in receiving funds from the state Affordable Housing Trust Fund (HTF) and other programs unanimously passed the state Legislature and is now on the desk of Gov. Pete Ricketts. L.B.

Thursday, April 18, 2019

The White House Opportunity and Revitalization Council Wednesday published its implementation plan on administrative reforms and initiatives to target, streamline, coordinate and optimize federal resources in economically distressed communities, including opportunity zones (OZ). The council, which is chaired by U.S.

Thursday, April 18, 2019

Michael Novogradac, CPA, discussed in a Notes from Novogradac blog post the second tranche of opportunity zones (OZ) guidance released by Treasury yesterday. Yesterday’s post is Part I of a two-part series reviewing the issues addressed in yesterday’s release, as well as some of the open questions that remain.

Wednesday, April 17, 2019

The Treasury Department today released the second tranche of proposed opportunity zones (OZ) guidance concerning qualified opportunity funds. Learn more about the proposed regulations on the Notes from Novogradac blog.

Tuesday, April 16, 2019

The U.S. Department of Housing and Urban Development will publish in tomorrow’s Federal Register a notice establishing renewal funding inflation factors (RFIFs) to adjust fiscal year (FY) 2019 renewal funding for the Housing Choice Voucher program of each public housing agency (PHA). RFIFs are used to adjust the Housing Choice Voucher fund allocations to PHAs for local changes in rents, utility costs and tenant incomes.

Friday, April 12, 2019

The U.S. Department of Housing and Urban Development (HUD) will publish a request for information in the Federal Register seeking input on how HUD can act to encourage public and private investment in distressed communities, including opportunity zones. The White House Opportunity and Revitalization Council, created by executive order, includes the HUD secretary as the chairman. HUD is reviewing existing policies to determine what actions it can take.

Friday, April 12, 2019

Legislation was introduced this week in Pennsylvania to raise the annual cap for the state historic tax credit from $3 million to $30 million and extend the sunset date by more than a decade, from 2020 to 2031. S.B. 541 would also increase the project cap from $500,000 to $2.5 million and create a 5 percent bonus for workforce housing properties.

Friday, April 12, 2019

Virginia Gov. Ralph Northam this week announced a partnership with Virginia Community Capital (VCC) to create an online marketplace to match investors with opportunity zones (OZ) communities and to a $50 million credit facility program.