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News
The Oklahoma Department of Commerce announced Monday that it will use priority enterprise zones (PEZs) created in the Oklahoma Enterprise Zone Act to attract capital to federal opportunity zones (OZs) in the state.
Six U.S. Senators have formally asked the Internal Revenue Service (IRS) to clarify that housing developments for veterans still qualify for private activity bonds (PABs). Sens.
Legislation in the Maryland state Senate to provide a 5 percent bonus for state historic tax credit (HTC) properties in opportunity zones (OZs) advanced from the Budget and Taxation Committee. S.B. 656 is a companion bill to legislation introduced in the House of Representatives. The legislation would expand projects eligible for the 5 percent increase to include OZs.
The Advisory Council on Historic Preservation will hold its quarterly business meeting April 4 at 8:30 a.m. in the Russell Senate Office Building in Washington, D.C. The agenda includes the transition to a full-time ACHP chair and issues concerning Section 106 of the National Historic Preservation Act. Meetings are open to the public.
The Maryland Department of Planning and Development adopted changes to regulations for the state historic tax credit, conforming the regulations to H.B. 1454, passed in 2018. The legislation authorized an additional 5 percent credit on top of the existing 20 percent credit for HTC developments that result in a property that receives an allocation of federal low-income housing tax credits.
The Internal Revenue Service today published Notice 2019-19, which provides population figures to use in calculating states’ 2019 calendar-year volume limits for the low-income housing tax credit (LIHTC) and private activity bonds (PABs). The LIHTC figure for each state is the greater of the population multiplied by $2.75625 or $3,166,875. The PAB cap is the greater of the population multiplied by $105 or $316,745,000.
Legislation introduced in the Vermont Legislature would make investments made in opportunity zones eligible to apply annually for the state Downtown and Village Center Tax Credit, which is twice as often as other projects are allowed to apply. H 442 would expand eligibility under the program only for OZ investments.
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