All News

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.

Friday, July 17, 2020

Louisiana Gov. John Bel Edwards signed legislation this week to provide an enhanced Angel Investor Tax Credit for investments in federal opportunity zones (OZs). S.B. 24 allows a 35 percent tax credit taken over two years for OZ investments, with an annual cap of $7.2 million for additional credits. The regular Louisiana Angel Investor Tax Credit is 25 percent. The enhanced credit was effective July 1.

Wednesday, July 8, 2020

Legislation introduced in the House of Representatives this week would designate all of Puerto Rico as an opportunity zone (OZ). Commissioner Jenniffer Gonzalez-Colon, R-P.R., introduced H.R. 7492. A provision in 2018 federal budget legislation allows every low-income census tract in Puerto Rico to be designated an OZ (rather than 25 percent of such tracts elsewhere). The text of H.R. 7492 was unavailable.

Thursday, June 25, 2020

Federal regulatory agencies today finalized a rule that excludes qualified opportunity funds (QOFs) from the list of banking entities forbidden to invest in covered funds, a ruling that allows banks to participate in the federal opportunity zone (OZ) incentive.

Wednesday, June 17, 2020

The White House Opportunity and Revitalization Council today issued a report of best practices for the federal opportunity zones (OZ) incentive.

Wednesday, June 10, 2020

The U.S. Department of Treasury and the Internal Revenue Service (IRS) today posted a notice seeking recommendations to be included on the 2020-2021 Priority Guidance Plan. The Priority Guidance Plan identifies guidance projects that the Treasury and the IRS intend to focus on from July 1, 2020, through June 30, 2021.

Thursday, June 4, 2020

The Internal Revenue Service today released Notice 2020-39, providing guidance for investors in the opportunity zones (OZ) incentive in the wake of the COVID-19 pandemic. The guidance provides that taxpayers whose last day of the 180-day period to invest capital gains in a qualified opportunity fund (QOF) falls on or after April 1, 2020, and before Dec. 31, 2020, to postpone the last day to Dec. 31, 2020 (Notice 2020-23 had earlier extended that deadline to July 15).

Friday, May 29, 2020

Rep. Buddy Carter, R-Ga., introduced a proposal that includes the creation of a tax credit for pharmaceutical manufacturers that operate in certain opportunity zones (OZs).

Friday, May 29, 2020

The U.S. Department of Housing and Urban Development (HUD) published a toolkit guide Thursday to provide local leaders with strategies for promoting economic development in federal opportunity zones (OZs).

Wednesday, May 20, 2020

Construction material and warehouse equipment will soon be exempt from sales tax and use tax in Maryland if used in an opportunity zone (OZ) in Baltimore County or a target redevelopment area in Washington County. S.B. 185, which is effective July 1, requires the buyer to provide the vendor with evidence of eligibility issued by the state comptroller.

Tuesday, May 19, 2020

Reps. Ron Kind, D-Wis., and Mike Kelly, R-Pa., today submitted a letter to the Department of the Treasury and the Internal Revenue Service, seeking regulatory relief for opportunity zones (OZ) investments affected by the COVID-19 pandemic.

Friday, May 15, 2020

Maryland properties seeking to qualify for Level 1 opportunity zone (OZ) enhancement tax credits will have to meet new standards concerning lead mitigation, based on two bills that became law. S.B. 713 and H.B. 566 require OZ enhancement tax credit applicants to provide proof that lead inspections have been completed and their OZ property is free of lead contamination.