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Wednesday, January 20, 2021

Certain Louisiana Angel Investor Tax Credit investments made in opportunity zones (OZs) are eligible for an enhanced tax credit of 35%, effective today. Louisiana S. 24 made the change to the Angel Investor Tax Credit program, providing the enhanced credit for investments made in businesses in OZs that are certified as Louisiana Entrepreneurial Businesses. 

Tuesday, January 19, 2021

The Internal Revenue Service (IRS) today issued a notice providing relief to qualified opportunity funds (QOFs) and their investors due to the COVID-19 pandemic, extending opportunity zones (OZ) relief provided by an earlier notice. Notice 2021-10 provides relief for the 180-day investment requirement, the 30-month substantial improvement period, 90% investment standard for QOFs, working capital safe harbor for OZ businesses and 12-month reinvestment period for QOFs.

Wednesday, December 9, 2020

The Internal Revenue Service (IRS) today announced that it is sending letters to inform taxpayers that they may need to take additional actions related to qualified opportunity funds (QOFs). The IRS said that taxpayers who attached a Form 8996 to a tax return or indicated that they did so may receive a letter that indicates that if they intend to self-certify as a QOF, they may need to take additional action.

Tuesday, December 8, 2020

The Wisconsin Department of Revenue informed taxpayers that Form WQOF must be filed with the department by Wisconsin-centered qualified opportunity funds (QOFs) and each investor must receive a copy of the form by Jan. 31 of the year following the close of the fund’s taxable year. Wisconsin A.B.

Friday, December 4, 2020

The Office of the Comptroller of the Currency (OCC) today published a notice of proposed rulemaking requesting comment on its approach to determine Community Reinvestment Act (CRA) measurement thresholds.

Monday, November 30, 2020

President-elect Joe Biden today formally nominated Janet Yellen to be his Secretary of the Treasury. Yellen, the chairwoman of the Federal Reserve from 2014-2018, would be the 78th Treasury Secretary and first woman to hold the position if confirmed by the U.S. Senate.

Monday, November 9, 2020

A report by the U.S. Government Accountability Office (GAO) says there is need for more oversight of opportunity zones (OZs) and makes two specific recommendations for Congress.

Tuesday, October 20, 2020

Demonstrating that the COVID-19 pandemic has disproportionately harmed low-income communities–particularly children–a new report from the Economic Innovation Group (EIG) explains how the opportunity zones (OZ) incentive can be used to build a supportive ecosystem for children and families in OZs.

Friday, October 16, 2020

The Novogradac Opportunity Zones (OZ) Working Group submitted a letter to the Internal Revenue Service (IRS) this week with recommendations for items to include on the IRS 2020-2021 Priority Guidance Plan.

Monday, October 12, 2020

The Internal Revenue Service (IRS) posted an early release draft of IRS Form 8997–initial and annual statements of qualified opportunity fund (QOF) investments–and its instructions. There are several proposed changes to the form, including a new column for special gain code in all four parts of the form, the addition of foreign eligible taxpayer questions in Part II and others.

Tuesday, October 6, 2020

Sen. John Kennedy, R-La., introduced legislation this week to create additional opportunity zones (OZs) made up of low-income community census tracts in communities that have been declared a major disaster area due to Hurricane Laura. The Hurricane Laura Recovery Opportunity Zones Act (S.

Tuesday, September 22, 2020

A Novogradac special report released today examines the implications of a Democratic sweep of the House of Representatives, Senate and White House in November’s election.

Monday, September 21, 2020

The Federal Reserve Board today unanimously approved an advance notice of proposed rulemaking (ANPR) and published a press release on an approach to modernize Community Reinvestment Act (CRA) regulations.

Wednesday, September 16, 2020

Qualified opportunity funds (QOFs) in Washington, D.C., must be certified by the mayor to qualify for district tax benefits after Mayor Muriel Bowser signed the fiscal year 2021 city budget. A section of the budget requires the certification to receive benefits.

Wednesday, September 16, 2020

A bill introduced in the New York state Senate this week would require qualified opportunity funds (QOFs) to file annual reports that include information on the investors, the size of the fund and the use of the fund.

Thursday, September 10, 2020

Reps. Dan Bishop, R-N.C., and William Timmons, R-S.C., on Aug. 28 introduced the Increasing Opportunities for Small Businesses Act of 2020 (H.R. 8120). The legislation would require the Small Business Administration (SBA) to train representatives on the opportunity zones (OZ) incentive.

Tuesday, September 1, 2020

Qualified opportunity funds (QOFs) on the Novogradac Opportunity Funds List have raised $12.05 billion in equity, an increase of 19.4 percent over the list’s total in April. QOFs on Novogradac’s list that have raised equity have an average of $20.8 million raised. QOFs with a city-level focus account for nearly half the total.

Thursday, August 27, 2020

President Donald Trump this week issued an executive order giving preference to opportunity zones (OZs) when federal agencies consider where to locate offices and other facilities. The Administrator of General Services was tasked with developing programs to implement the policies.

Wednesday, August 26, 2020

The Office of the Comptroller of the Currency (OCC) today published a community developments fact sheet explaining the opportunity zones (OZ) incentive to national banks and federal savings associations, including how OZ activities may be used to support a bank’s community and economic development strategies.

Monday, August 24, 2020

The White House Council of Economic Advisers (CEA) today released a report on the economic impact of the opportunity zones (OZ) incentive. The Impact of Opportunity Zones: An Initial Assessment estimates that qualified opportunity funds (QOFs) raised $75 billion in private capital by the end of 2019, most of which may not have occurred in OZs without the incentive.