October 20, 2020

Published by Michael Novogradac on Tuesday, October 20, 2020 - 12:00pm

In this week’s Tax Credit Tuesday, Michael J. Novogradac, CPA, shares an update on the continued stalemate regarding COVID-19 relief legislation. Next, he shares highlights from the most recent Novogradac Opportunity Zones Working Group comment letter on the 2020-2021 priority guidance plans and ways the IRS can clarify grey areas in opportunity zones regulations. Then, he shares what qualified opportunity funds need to know about the draft Form 8997. Next, he discusses the Federal Reserve Board’s advance notice of proposed rulemaking for Community Reinvestment Act regulation changes. He wraps up with discussion of the Energy Opportunity Zones Act of 2020 (H.R. 8530), a proposal that would extend the renewable energy production tax credit and investment tax credit through the year 2050 for certain areas.