New York Legislation Would Require Annual Reporting from QOFs
A bill introduced in the New York state Senate this week would require qualified opportunity funds (QOFs) to file annual reports that include information on the investors, the size of the fund and the use of the fund. The Opportunity Zone Reporting and Reform Act (S.8977) would also penalize QOFs for failing to file the reports and would require the state comptroller to provide an annual report on the effectiveness of opportunity zones (OZs). The bill would take effect at the start of the first year after its passage.
Get more OZ updates at the Novogradac 2020 Opportunity Zones Fall Conference, Oct. 22-23.