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Wednesday, November 7, 2018

Results from Tuesday’s elections–with Democrats taking control of the House of Representatives and Republicans maintaining control of the Senate–and their effect on the affordable housing, community development and renewable energy communities are the subject of a Notes from Novogradac blog post and a

Friday, October 26, 2018

The National Council of State Housing Agencies (NCSHA) submitted a letter to the Internal Revenue Service asking for guidance clarifying that residential real estate property qualifies as opportunity zones (OZs) property and addressing five other OZ issues.

Friday, October 19, 2018

In a Notes from Novogradac blog post, Michael J. Novogradac, discusses how the opportunity zones guidance issued today by Treasury provides answers to many questions and includes information that will help guide investors, fund managers and others.

Friday, October 19, 2018

The Treasury Department today released the first tranche of proposed guidance for the opportunity zones (OZ) incentive, addressing gains invested in qualified opportunity funds. Treasury also released a related revenue ruling. Treasury will accept comments for 60 days.

Monday, October 15, 2018

Two organizations submitted letters concerning the Treasury Department’s ongoing review of proposed guidance for opportunity zones (OZs). Commerce officials from 12 states made a series of recommendations for OZ guidance, including a grace period for opportunity funds before being subjected to the 90 percent qualified property allocation test and the definition of “substantial improvement” of qualified OZ business property.

Thursday, September 27, 2018

Rep. Mark Meadows, R-N.C., introduced legislation today to allow for the designation of opportunity zones (OZs) every 10 years, effectively perpetually renewing the OZ incentive that was part of tax reform legislation. H.R. 6890, the Creating Advancement and Personal Improvement in Targeted American Localities (CAPITAL) Act of 2018 was assigned to the House Ways and Means Committee.

Friday, September 21, 2018

Rep. Jenniffer Gonzalez-Colon, R, Puerto Rico, introduced legislation to provide a federal tax credit for certain business expenses in census tracts that meet one of three definitions for an economically distressed zone and are designated as such by local or state government. H.R.

Thursday, September 13, 2018

The Office of Information and Regulatory Affairs (OIRA), a division of the White House Office Management of the Budget (OMB), on Wednesday received regulatory guidance for review from the Internal Revenue Service (IRS) concerning the opportunity zones incentive. A proposed rule from the IRS is expected to clarify several issues for investors in the new incentive.

Tuesday, September 11, 2018

The National Association of Home Builders and eight other national organizations on Monday asked acting Internal Revenue Service Commissioner David Kautter to issue guidance on issues facing potential investors in the federal opportunity zones initiative. Their letter specifically seeks a definition of qualified investments, a clarification of the oversight process for investment funds and clarification of several teams in the statute.

Tuesday, September 11, 2018

Legislation was introduced to create a 10 percent state tax credit in Ohio for taxpayers who invest in an Ohio-based opportunity fund that participates in the federal opportunity zones (OZ) incentive. H.B. 727 would provide the state tax credit to taxpayers who invest at least $250,000 in an opportunity fund that holds 100 percent of its assets in a qualified OZ business or qualified OZ property in a designated Ohio qualified OZ.

Friday, September 7, 2018

The U.S. Impact Investing Alliance, a group of more than 800 investors and financial intermediaries, addressed a letter this week to Treasury Secretary Steven Mnuchin asking that he instruct the Internal Revenue Service or another agency to collect and then provide data on opportunity funds that participate in the opportunity zones incentive.

Friday, September 7, 2018

Novogradac today released two online mapping tools that track tax codes of individual states and how they conform to federal tax law concerning the opportunity zones incentive.

Wednesday, September 5, 2018

The U.S. Conference of Mayors sent a letter to the Internal Revenue Service (IRS) and U.S Department of Treasury asking for “timely and effective IRS guidance” for the implementation of opportunity zones provisions. The letter specifies five reasons for guidance to be issued in a timely manner, including the need for sufficient time for meaningful investments in affordable housing.

Tuesday, July 24, 2018

The Novogradac Journal of Tax Credits today announced in a press release that it will debut a new section dedicated to opportunity zones in its September issue. The new section will report opportunity zones news, analysis and insights, and will feature stories about opportunity zone funds and investments.

Wednesday, June 27, 2018

The Opportunity Zones Coalition earlier this month sent a letter to David J. Kautter, the acting commissioner of the Internal Revenue Service, requesting guidance from the IRS and Treasury Department on important issues concerning the opportunity zones (OZ) incentive.

Wednesday, June 20, 2018

The Treasury Department should create “guardrails” for the opportunity zones incentive, according to a June 8 letter submitted by Sen. Cory Booker, D-N.J. Booker’s letter  asked Treasury to take care in its oversight of qualified opportunity funds, calling for statements of intent from prospective funds and metrics to measure each fund’s performance.

Wednesday, June 20, 2018

The Treasury Department today issued Notice 2018-48, which lists the population tracts that are officially designated as qualified opportunity zones (OZs). Investors in the qualified OZs can defer tax on prior gains no later than Dec. 31, 2026. The final OZs were designated last week.

Thursday, June 14, 2018

The Treasury Department today designated the final round of qualified opportunity zones (OZs) in four states: Florida, Nevada, Pennsylvania and Utah. Investors in qualified opportunity funds that invest in qualified OZs can defer tax on prior gains until no later than Dec. 31, 2026. With this final round, OZs have been designated in all 50 states, the District of Columbia and five U.S. possessions.

Tuesday, June 12, 2018

The Internal Revenue Service (IRS) updated and expanded the content on its opportunity zones frequently asked questions page. The new content includes confirmation that 2017 and 2018 gains are eligible for deferral and that a taxpayer may file an amended 2017 return to include a deferral on gains.

Friday, May 18, 2018

The Treasury Department today designated qualified opportunity zones (OZs) in 20 states, Washington, D.C., and Guam, leaving just four states still pending approval. The remaining states are Florida, Nevada, Pennsylvania and Utah. Investors in qualified opportunity funds that invest in qualified OZs can defer tax on prior gains until no later than Dec. 31, 2026.