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Tuesday, April 7, 2020

The Opportunity Zones Working Group (OZWG) today submitted a request to the Department of the Treasury, seeking relief from certain provisions concerning the opportunity zones (OZ) incentive due to the COVID-19 pandemic.

Wednesday, April 1, 2020

The Internal Revenue Service will publish a notice in Monday’s Federal Register containing clarifications to Treasury Decision 9889, the final regulations concerning opportunity zones. The corrections cover a variety of issues set forth in TD 9889. There are 24 pages of corrections, all related to Internal Revenue Code Section 1400Z-2.

Friday, March 27, 2020

President Donald Trump today signed the Coronavirus Aid, Relief and Economic Security (CARES) Act (Senate Amendment to H.R. 748), a $2 trillion bill that includes financial aid to individuals, businesses, nonprofits and state and local governments.

Friday, March 27, 2020

The House of Representatives today passed the Coronavirus Aid, Relief and Economic Security (CARES) Act (Senate Amendment to H.R. 748), by a voice vote, sending the bill to President Donald Trump, who has said he would immediately sign the legislation. The $2 trillion bill includes financial aid to individuals, businesses, nonprofits and state and local governments.

Thursday, March 26, 2020

The House of Representatives will take up discussion of the Coronavirus Aid, Relief and Economic Security (CARES) Act (Senate Amendment to H.R. 748), after the Senate passed the COVID-19 relief legislation by a 96-0 vote last night. The House is expected to vote by Friday and President Donald Trump has said he would sign the legislation.

Wednesday, March 25, 2020

Novogradac’s Michael J. Novogradac, CPA, and Peter Lawrence detail in a blog post provisions of the nearly $2 trillion COVID-19 legislation that the U.S. Senate is considering. The post explains provisions in the so-called Phase 3 COVID-19 legislation concerning individuals and businesses, and provides an overview of supplemental appropriations in the legislation.

Thursday, March 19, 2020

President Donald Trump signed legislation late Wednesday that includes free testing for COVID-19, paid leave benefits for many workers and a boost in unemployment and food assistance. The Families First Coronavirus Response Act (H.R. 6201) was passed by both chambers of Congress and signed into law in seven days.

Wednesday, March 18, 2020

The U.S. Senate today passed legislation that includes free testing for COVID-19 and paid leave benefits for many Americans affected by the pandemic, sending the legislation to President Donald Trump’s desk.

Wednesday, March 18, 2020

The Internal Revenue Service today issued Notice 2020-17, extending the April 15 tax payment deadline to July 15, up to specific thresholds. Tax returns are still due April 15, but individual taxpayers can postpone up to $1 million in federal income tax payments while corporate taxpayers can postpone up to $10 million in federal income tax payments.

Monday, March 16, 2020

Novogradac has a new web page with legislation, guidance and other information on how federal and state responses to the COVID-19 pandemic affect affordable housing, community development and renewable energy communities. There are sections dedicated to the low-income housing tax credit, the U.S.

Saturday, March 14, 2020

The House of Representatives today passed sweeping coronavirus relief legislation, which was endorsed by President Donald Trump and goes to the Senate on Monday. H.R. 6201 would expand testing for COVID-19, include paid sick leave for employees at companies with 500 or fewer employees, provide a tax credit against self-employment tax and provide approximately $1 billion for food security programs. The bill passed by a 363-40 vote.

Friday, March 13, 2020

Maryland’s House of Delegates approved legislation Thursday that would take the state out of conformity with the federal Internal Revenue Code concerning the opportunity zones incentive. H.B. 224 would end Maryland tax benefits for investments in qualified opportunity funds. A parallel bill is in the state Senate.

Wednesday, March 11, 2020

A bill introduced in the Vermont state Legislature would provide additional down payment assistance to qualifying homebuyers who purchase a home in a Vermont opportunity zone (OZ) and who participate in the state down payment assistance program. S.B.

Thursday, March 5, 2020

Legislation introduced in the Utah Legislature calls for the state to revisit its opportunity zones (OZ) designations and calls for the state to amend the OZ designations. H.C.R. 27, which calls for a study and report on how to better deploy state resources in underperforming communities, also includes criticism of the state’s designation of OZs.

Wednesday, March 4, 2020

Wisconsin Gov. Tony Evers signed legislation this week to allow state taxpayers to double the state income and franchise tax exclusion treatments for capital gains invested in Wisconsin-centered qualified opportunity funds (QOFs), defined as QOFs that hold at least 90 percent of assets in Wisconsin opportunity zones projects.

Thursday, February 20, 2020

Legislation introduced in the Connecticut General Assembly would expand the state’s workforce housing tax credit program to include properties in opportunity zones (OZs) and would change definitions for workforce housing in other parts of the state.

Thursday, February 20, 2020

A bill to conform Wisconsin’s tax code to the federal Internal Revenue Code concerning opportunity zones (OZs) and to double the exclusion for capital gains invested in Wisconsin-based OZs passed the state Senate and is on the desk of Gov. Tony Evers.

Wednesday, February 12, 2020

A bill introduced in the Utah House of Representatives would create a tax credit for building eligible parking structures in opportunity zones (OZs) and make affordable housing in OZs eligible for state programs. H.B. 299 would create a nonrefundable tax credit for 25 percent of eligible construction costs paid for an eligible parking structure in an OZ.

Tuesday, February 11, 2020

Illinois legislation would create a 10 percent state tax credit for investments in qualified opportunity funds that invest in the state’s opportunity zones. H.B. 4761 would create the credit for tax years beginning on or after Dec. 31, 2020, with a cap of $50 million for each two-year fiscal period. There would be a taxpayer cap of $1 million and the credit could be carried forward five years.

Friday, February 7, 2020

The White House Opportunity and Revitalization Council today publicly released its report to President Donald Trump, highlighting its achievements and calling for legislation to measure and report the impact of opportunity zones (OZs).