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Reps. James Clyburn, D-S.C., Alma Adams D-N.C., and William Lacy Clay, D-Mo., yesterday introduced The Opportunity Zone Reform Act, a House companion bill to S. 2787, introduced last week in the Senate. H.R.
Reps. Hank Johnson, D-Ga., and Bobby Rush, D-Ill., introduced a bill last week to require investments that benefit from the opportunity zones (OZs) incentive to reach certain benchmarks in diversity and affordable housing. H. R. 4999 would require all qualified opportunity funds (QOFs) to have advisory boards for each OZ in which they invest.
Rep. Rashida Tlaib, D-Mich., this week sent a letter to the chairman of the House Ways and Means Committee and chairs of the subcommittees of the House Committee on Financial Services and House Committee on Oversight and Reform, to request an investigative hearing on whether political contributions influenced the designation of opportunity zones (OZs).
Reps. Ron Kind, D-Wis., Mike Kelly, R-Pa., and Terri Sewell, D-Ala., today introduced legislation to establish a reporting framework, disclosure requirements and a penalty structure for qualified opportunity funds (QOFs).
Sen. Ron Wyden, D-Ore., today introduced a bill to require information reporting from qualified opportunity funds (QOFs), end the designation of some opportunity zones (OZs), clarify some terms used in the OZ incentive and require a report from the Government Accountability Office (GAO) on the effectiveness of the incentive.
The U.S. Department of Housing and Urban Development (HUD) today released a frequently asked questions document explaining how certain public housing conversions in opportunity zones under the Rental Assistance Demonstration program are eligible for increased contract rents.
The Internal Revenue Service today released a draft form of Form 8996, which is used by qualified opportunity funds (QOFs).
Virginia Gov. Ralph Northam today announced the launch of an initiative to leverage the federal opportunity zones (OZ) incentive. Opportunity Virginia is a marketplace to connect communities in OZs with investors, as well to educate stakeholders and share project ideas and pipelines.
The Novogradac Opportunity Zones Working Group has submitted letters to the Federal Reserve Board of Governors and to the
Wisconsin legislators this week introduced a House bill that would allow investors to decrease the amount of capital gains subject to income and franchise taxation by investing in a Wisconsin opportunity zone (OZ). H.B. 532 is a companion bill to S.B.
Betsy DeVos, the U.S. secretary of education, announced that a consulting firm was awarded a contract to conduct outreach to promote the creation and expansion of public charter schools in opportunity zones (OZs). According to the Department of Education, more than 70 percent of OZs don’t have a public charter school option.
The Internal Revenue Service (IRS) this week released the 2019-2020 priority guidance plan, which established guidance priorities for the Department of the Treasury and IRS for the period from July 1, 2019, through June 30, 2020.
California Treasurer Fiona Ma today appointed 12 housing and economic development experts to the Housing, Economic, Jobs and Opportunity Zone Ad Hoc Committee. The group will be tasked with assisting Ma’s office with “out-of-the-box strategies to advance her housing and economic development goals,” according to a press release.
The U.S. Department of Education today announced that it will provide $42.4 million in grants to school districts to help develop, enhance or expand systems that support implementing multitier systems of support for improving school climate, including those in opportunity zones (OZs). The School Climate Transformation Grant program focuses on districts serving rural areas, members of federally recognized tribes and OZs.
The U.S. Department of Housing and Urban Development (HUD) today announced a combined $112 million in funding to expand the supply of permanent affordable housing for very-low-income people with disabilities, including a program with preference points for developments in opportunity zones (OZs).
The U.S. Department of Housing and Urban Development (HUD) will publish a notice in Thursday’s Federal Register seeking public comment on a proposed opportunity zones (OZ) certification form. The form will be used to gather data for use in determining preference points in certain competitive federal grants and technical assistance applications.
The Internal Revenue Service this week released drafts of instructions for two tax forms associated with the opportunity zones incentive. A draft of Form 1099-B for 2020 and instructions address proceeds from broker and barter exchange transactions.
The White House Opportunity and Revitalization Council today announced the launch of www.OpportunityZones.gov, a website to serve as a hub of information for stakeholders in the opportunity zones (OZ) incentive.
The U.S. Department of Housing and Urban Development (HUD) today issued H Notice 2019-10 on incentives for Federal Housing Administration (FHA) mortgage insurance for properties located in opportunity zones.
The Internal Revenue Service (IRS) published a draft Form 8997 for the initial and annual statement of qualified opportunity fund (QOF) investments. An investor in a QOF will use Form 8997 to inform the IRS of the QOF investments and deferred gains held at the beginning and end of the current tax year, as well as any capital gains deferred and invested in a QOF and QOF investments disposed of during the current tax year.
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