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Opportunity Zones News Briefs – May 2019

Legislation introduced March 21 in the Rhode Island Legislature would create a 20 percent state tax credit for certain investments in opportunity zones (OZs). S. 668, the Rhode Island Opportunity Zone Tax Credit and Tax Exemption Act, would provide a transferrable credit for 20 percent of an investment of at least $250,000 in a qualified OZ business property in the state. The credit could be carried forward up to seven years. The bill was referred to the state Senate Finance Committee. The bill is available at www.opportunityzonesresourcecenter.com.

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Rep. Mark Meadows, R-N.C., introduced two bills March 21 concerning the OZ incentive. H.R. 1851 would allow chief executive officers of states and territories to designate OZs, with U.S. Treasury Department’s approval, every 10 years. Current legislation provides only the initial 10-year designation of OZs, which was finalized in July 2018. H.R. 1852 would allow federally declared disaster areas to be added as OZs. Both bills were assigned to the House Ways and Means Committee. 

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Legislation introduced March 29 in the Louisiana House of Representatives would add buildings in OZs to the list of properties eligible to participate in the state’s restoration tax abatement program, which allows property owners to pay property taxes for five years based on the value of their property for the year before its improvement. H.B. 549 would be effective July 1. The bill was assigned to the Ways and Means Committee. The bill is available at www.opportunityzonesresourcecenter.com. 

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Mayor Muriel Bowser in late March announced three initiatives in Washington, D.C., to maximize OZ benefits in the nation’s capital. The city committed $24 million to properties that support affordable housing, workforce development and the growth of small businesses in the district’s 25 OZs. Bowser also announced the OZ Community Corps to provide free legal and other advice, as well as an online OZ marketplace for sponsors, fund managers, investors and community members.

Journal Category:

Opportunity Zones

Authors:

Novogradac

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