All News

Friday, January 17, 2020

Legislation introduced in the New Jersey state Senate would designate the state Department of Community Affairs to work with qualified opportunity zones (OZ) businesses as a point of contact for other state assistance. S. 496 would require the Department of Community Affairs to establish and maintain a website to promote collaboration and innovation among qualified OZ businesses and to provide other assistance.

Thursday, January 16, 2020

Legislation in Oregon would remove the state from conformity with the federal Internal Revenue Code concerning the opportunity zones (OZ) incentive.

Thursday, January 16, 2020

The U.S. Economic Development Administration (EDA) announced this week a web-based tool with data on opportunity zones (OZs). The tool, developed by the Indiana University Kelley School of Business, provides economic and demographic information on each OZ. The tool also provides support to EDA-designated Economic Development Districts.

Thursday, January 16, 2020

Two bills were introduced in the Maryland Legislation this week to address opportunity zones issues. H.B. 45 would alter the More Jobs for Marylanders and Opportunity Zone Enhancement programs to expand definitions and clarify provisions for OZs and would sunset OZ incentives under the program at the end of 2021. S.B.

Thursday, January 16, 2020

Legislation was introduced in both houses of the Florida legislature to revive and rename the Florida Enterprise Act–which expired Dec. 31, 2015– and apply its provisions to federal opportunity zones (OZs). H.B. 1429 and S. 1612 would create a series of tax credits for development in OZs and would require each county or municipality to create an OZ development agency to encourage and report on development in OZs.

Tuesday, January 14, 2020

The Internal Revenue Service (IRS) this week updated instructions for Form 8996–Qualified Opportunity Fund and a new Form 8997–Initial and Annual Statement of Qualified Opportunity Fund Investments, as well as instructions for Form 8997.

Friday, January 10, 2020

The Internal Revenue Service released an information letter confirming that state or territory chief executive officers cannot designate additional opportunity zones (OZs). A constituent of Rep. Donald Norcross, D-N.J., asked whether a new OZ could replace an existing OZ. Information Letter 2019-25 reiterates that the only time to designate OZs was prior to June 14, 2018.

Wednesday, January 8, 2020

The Office of the Comptroller of the Currency and Federal Deposit Insurance Corporation will publish their joint notice of proposed rulemaking for updated Community Reinvestment Act (CRA) regulations in Thursday’s Federal Register. The proposed CRA regulations were made public Dec. 12, 2019.

Monday, January 6, 2020

The United States Department of Transportation today unveiled an interactive map that highlights federal investment in major infrastructure projects in and around opportunity zones (OZs). The information is intended to encourage further economic investment in OZs.

Thursday, January 2, 2020

The U.S. Department of Housing and Urban Development (HUD) will publish a notice in the Federal Register Friday seeking comment on its opportunity zone (OZ) grant certification form. The form will be used to collect information for preference points for OZ investments in certain competitive federal grants and technical assistance applications. Comments will be accepted through Feb. 2.

Tuesday, December 31, 2019

The Treasury Department and Internal Revenue Service today submitted final opportunity zones regulations to the Federal Register for publication Jan. 13, 2020. The publication date means the regulations will be effective after March 13, 2020, although taxpayers may choose to apply either proposed regulations or final regulations for taxable years that begin on or before March 13, 2020.

Thursday, December 19, 2019

A blog post by Michael Novogradac and John Sciarretti discusses final regulations for opportunity zones released today by the Treasury Department and the Internal Revenue Service.

Thursday, December 19, 2019

The Treasury Department and Internal Revenue Service today released final opportunity zones regulations. The regulations combine and update the first and second tranches of guidance, issued in October 2018 and April 2019. Treasury also included a FAQ document on the regulations

Friday, December 13, 2019

The Rhode Island Commerce Corporation is seeking applications for the Rebuild RI Tax Credit Program, including historic rehabilitation properties, affordable housing and mixed-use development in opportunity zones (OZs). There is up to $15 million in credits available.

Thursday, December 12, 2019

The Office of the Comptroller of the Currency (OCC) today released a notice of proposed rulemaking to reform the Community Reinvestment Act (CRA) regulations. The OCC was joined by the Federal Deposit Insurance Corporation, which is one of three federal regulators that oversee the CRA. The Federal Reserve Board of Governors did not sign on.

Tuesday, December 10, 2019

Qualified opportunity funds (QOFs) on the Novogradac Opportunity Funds Listing report having raised $4.46 billion–nearly 40 percent more than in Novogradac’s previous report in October.

Saturday, December 7, 2019

The Treasury Department submitted updated Internal Revenue Service (IRS) regulations Friday to the Office of Information and Regulatory Affairs (OIRA) for qualified opportunity funds–which invest in opportunity zones (OZs).

Friday, December 6, 2019

Sen. Tim Scott, R-S.C., and seven co-sponsors–including Senate Finance Committee Chairman Chuck Grassley, R-Iowa–today announced legislation to establish reporting requirements for the opportunity zones (OZ) incentive.

Monday, December 2, 2019

The U.S. Department of Education published a rule in the Federal Register announcing that it will prioritize funding for grant applications that support students, teachers and parents in opportunity zones (OZs). The Department of Education last year encouraged projects in nine grant competitions to support students in OZs and more than half of the 238 grants awarded went to applicants proposing to serve OZs. The new priority is effective Dec. 27.

Monday, November 25, 2019

Legislation introduced in the South Carolina Legislature last week would create a state low-income housing tax credit (LIHTC) for properties in opportunity zones (OZs), create a 25 percent tax credit for investment in the state’s OZs and add OZs to other state incentive programs. H.