Novogradac Journal of Tax Credits Volume 14 Issue 4
Abridged version of the April 2023 issue of the Novogradac Journal of Tax Credits. For more content, please subscribe to the Journal.
Opportunity zones (OZs) were introduced in 2017 as a means to spur economic development and job creation in low-income communities. There are 8,764 census tracts designated as OZs in which developers are offered incentives in the form of tax deferrals. Since inception of the incentive, billions of dollars have been invested in economically distressed communities across the country.
At first glance, the U.S. Department of Housing and Urban Development (HUD) Section 108 loan guarantee program looks like a perfect fit for the opportunity zones (OZ) incentive. In practice, the two aren’t often paired.
San Francisco’s Mid-Market neighborhood is home to tech industry titans such as Twitter, Reddit and Uber as well as foundational government staples like the San Francisco Federal Building, the Old San Francisco Mint and the James R. Browning United States Courthouse.
When discussing the multibuilding election, it is productive to define the key terms that will be used throughout the discussion.
In private letter ruling (PLR) 202249005, Dec. 9, 2022, the Internal Revenue Service (IRS) held that gain from the sale of one of two parcels of land by a qualified opportunity zone business (qualified OZ business) during the startup working capital safe harbor period is good income for purposes of the qualified OZ business’ 50% gross income test.
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Historic tax credit updates for April 2023 from New York, Minnesota, Arizona, Utah and more.
Renewable energy tax credit news for April 2023, including IRS guidance, introduced federal legislation and an American Clean Power Association quarterly report.
New markets tax credit updates for April 2023 from the CDFI Fund, Minnesota, the Office of the Comptroller of the Currency and more.
Updates for April 2023 about a federal notice, the Congressional Budget Office consumer price index update and a pair of Rental Assistance Demonstration transactions in Illinois.