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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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
The Treasury Department today designated qualified opportunity zones (OZs) in Indiana, Iowa, Kansas and Maine. Investors in qualified opportunity funds that make investments in qualified OZs can defer tax on prior gains until no later than Dec. 31, 2026. Treasury has yet to designate OZs for 24 states, Washington, D.C., and Guam.
The Treasury Department today designated qualified opportunity zones (OZs) in Hawaii and Louisiana. Investors in qualified opportunity funds that make investments in qualified OZs can defer tax on prior gains until no later than Dec. 31, 2026. Treasury has yet to designate OZs for 28 states, Washington, D.C., and Guam.
The Internal Revenue Service (IRS) and Treasury Department today published Notice 2018-43 to invite public recommendations on what should be included in the 2018-2019 priority guidance plan. The 2018-2019 priority guidance plan will identify which guidance projects that Treasury and the IRS will prioritize from July 1, 2018, to June 30, 2019. The deadline to submit recommendations for possible inclusion in the original 2018-2019 priority guidance plan is June 15.
In a list of answers to frequently asked questions about the opportunity zone incentive the Internal Revenue Service (IRS) today clarified that a taxpayer self-certifies to become a certified qualified opportunity fund for purposes of qualifying for the opportunity zone incentive. In the FAQs, the IRS says it will release a self-certification form in summer 2018 that taxpayers can attach to their federal income tax returns.
The Treasury Department yesterday designated qualified opportunity zones (OZs) in Alabama, Delaware, Missouri, Ohio, Texas and the Northern Marianas Islands. Investors in qualified opportunity funds that make investments in qualified OZs can defer tax on prior gains until no later than Dec. 31, 2026.
The Treasury Department today designated qualified opportunity zones (OZs) in 15 states and three territories, the first such designations made after the creation of the areas by H.R. 1.
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