News

Tuesday, July 9, 2019

Novogradac’s YouTube channel is live streaming today’s Treasury Department hearing on proposed opportunity zones regulations. The hearing is taking place near Washington, D.C., and includes statements from several individuals and groups with feedback on April’s proposed regulations. You can watch the hearing here. A recording will also be available after the live stream has concluded.

Monday, July 8, 2019

A provision in Rhode Island’s fiscal year 2020 state budget allows taxpayers to avoid paying capital gains taxes on opportunity zones (OZ) investments after holding the investment seven years. The provision is similar to the federal OZ incentive provision that allows the same benefit after 10 years. The budget bill was signed Friday by Gov. Gina Raimondo.

Wednesday, July 3, 2019

The Alabama Department of Economic and Community Affairs is seeking feedback and recommendations concerning opportunity zones (OZs) to help implement the Alabama Incentives Modernization Act. That legislation provides tax credits and other incentives for investment in the state’s OZs. The deadline for feedback is 5 p.m.

Wednesday, July 3, 2019

The Novogradac Opportunity Zones Working Group this week submitted a letter to the U.S. Treasury Department with comments on Treasury’s second tranche of proposed opportunity zones (OZ) regulations that were issued in April.

Wednesday, July 3, 2019

Delaware Gov. John Carney signed a spending bill this week that includes the authorization of $8 million in state historic tax credits (HTCs) for an additional year. S.B. 180 extends funding for the state HTC program through 2025. It previously was funded through 2024.

Wednesday, July 3, 2019

The Office of the Comptroller of the Currency Tuesday released a list of Community Reinvestment Act performance evaluations from June. Of the 23 evaluations made public, 18 were satisfactory and five were outstanding. The list includes national banks, federal savings associations and insured federal branches of foreign banks.

Tuesday, July 2, 2019

West Virginia Gov. Jim Justice signed legislation allowing individuals, partners, members of limited liability companies that are treated as partnerships and other pass-through entities to deduct from state tax liability for 10 years all income directly derived from an opportunity zones (OZ) business located in one of the state’s OZs. H.B. 113 applies to taxable years beginning Jan. 1, 2019, and will end with taxable years beginning after Jan. 2, 2024.

Tuesday, July 2, 2019

The U.S. Department of Housing and Urban Development (HUD) announced today that it will provide $150 million in grants for affordable housing for non-elderly people with disabilities. Funding for the Mainstream Housing Voucher Program will assist approximately 18,000 people gain affordable housing, according to a HUD news release. The grants will be awarded to eligible public housing agencies. Applications are due Sept. 5.

Tuesday, July 2, 2019

The National Park Service (NPS) will publish a notice Wednesday in the Federal Register seeking feedback on its Historic Preservation Certification Application, NPS Forms 10-168, 10-168a, 10-168b, 10-168c, 10-168d and 10-168e. The certifications are necessary for an applicant to receive historic tax credits under Section 47 of the Internal Revenue Code.

Monday, July 1, 2019

Eligible basis should be reduced for noncompliance of the common area for low-income housing tax credit (LIHTC) properties, according to a memorandum from the Office of Chief Counsel of the Internal Revenue Service.