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The Internal Revenue Service (IRS) will publish in Wednesday’s Federal Register a notice of proposed rulemaking for the opportunity zones (OZ) incentive that provides flexibility in the 24-month extension of the working capital safe harbor in the case of federally declared disaster areas. The proposed rule would allow qualified OZ businesses to revise or replace the original written designation and written plan and remain eligible for the safe harbor, provided that the remaining working capital assets are expended within the original 31-month period, increased by the 24 additional months provided.
The Novogradac Opportunity Zones Mapping Tool has been updated to indicate whether there are boundary changes to qualified OZ census tracts (QOZs) due to the 2020 Census, a change that will necessitate IRS guidance, since eligibility for the OZ incentive is based on 2010 census tract boundaries.
The federal opportunity zones (OZ) incentive would be extended until the end of 2028 under legislation introduced in the House of Representatives. The Opportunity Zones Extension Act of 2021 would allow taxpayers to defer taxes on capital gains invested in qualified opportunity funds (QOFs) through 2028, two years later than currently allowed.
Equity raised by qualified opportunity funds (QOFs) tracked by Novogradac surpassed $15 billion at the end of 2020, according to Novogradac Opportunity Zones Investment Report: Data Through Dec. 31, 2020, released today. Novogradac is tracking 927 QOFs, 659 of which reported a specific amount of equity raised for investment in opportunity zones (OZs). The $15.16 billion in equity reported is $3.11 billion more than the figure at the end of August 2020.
A private letter ruling (PLR) by the Internal Revenue Service allowed a taxpayer to become a qualified opportunity fund (QOF) despite missing a registration deadline due to its tax advisor failing to attach IRS Form 8996 to the taxpayer’s return. Upon discovery of the oversight, the taxpayer directed the tax advisor to promptly submit a request for relief.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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