Ways and Means Committee Letter Asks Treasury to Refine OZs to Better Help Disadvantaged Communities
Nine Democrats on the U.S. House of Representatives’ Ways and Means Subcommittee on Oversight sent a letter Tuesday asking the U.S. Department of the Treasury to consider three ways to boost the benefits of the opportunity zones (OZ) incentive in helping communities in need: implementing a rigorous certification process for OZ funds, allocating a dedicated agency staff to oversee OZs and requiring transaction reporting separate from tax forms. The letter is the product of a Nov. 16 committee hearing on OZs. Rep. Bill Pascrell of New Jersey, the subcommittee chairman, was among the nine signatories.
Learn more about OZs by listening to the Nov. 9 episode of the Tax Credit Tuesday podcast, with host Michael Novogradac, CPA, and firm partner John Sciarretti, CPA, discussing how newcomers can navigate basic OZ issues.