All News

Thursday, September 12, 2019

The California state legislature tomorrow will adjourn for the year without considering opportunity zones (OZ) state conformity legislation. The deadline to introduce legislation for consideration in the 2019 legislature was Sept. 10. The next chance for the California state legislature to address OZ conformity will be when it reconvenes in January 2020.

Thursday, September 5, 2019

The U.S. Department of Housing and Urban Development (HUD) today published a revised notice that provides program instructions for the Rental Assistance Demonstration (RAD) program, including eligibility and selection criteria.

Wednesday, September 4, 2019

The U.S. Department of Commerce published a request for information notice in Tuesday’s Federal Register seeking input on how the federal government can align various programs and resources to encourage and facilitate beneficial investments in opportunity zones (OZs). The Department of Commerce seeks information from states, local and tribal officials, colleges, nonprofits, philanthropic organizations and other investors and stakeholders.

Wednesday, September 4, 2019

The Internal Revenue Service updated its Opportunity Zones Frequently Asked Questions (FAQs) page with guidance on when investors can adjust basis to fair market value, where a list and map of designated qualified opportunity zones (OZs) can be found, how to become a qualified opportunity fund and whether inventory in transit can be qualified OZ business property. The Sept.

Thursday, August 29, 2019

Issues concerning the low-income housing tax credit (LIHTC), historic tax credit (HTC) and new markets tax credit (NMTC) remain part of the Treasury Department’s 2018-2019 Priority Guidance Plan.

Wednesday, August 28, 2019

New Mexico’s Economic Development Department is offering a $1 million bonus for opportunity zones (OZ) investments that meet certain benchmarks. The OZ Jobs Bonus will use existing Local Economic Development Act (LEDA) grant funding for developments that meet LEDA guidelines, are in one of nine key industry sectors and meet other criteria.

Friday, August 23, 2019

California’s tax code would partially conform to the federal Internal Revenue Code concerning opportunity zones (OZs) under provisions in a draft of a budget trailer bill released today. Under the bill, California would grant the same state tax benefits as federal benefits for OZ investments in affordable housing and housing that meets the requirements of the state’s density bonus law, as well as certain clean energy property.

Friday, August 9, 2019

The U.S. Department of Housing and Urban Development (HUD) today announced that the Federal Housing Administration (FHA) will insure mortgages on mixed-use development in opportunity zones (OZs) under the agency’s Section 220 program. In a speech, HUD Secretary Ben Carson said FHA can be a key partner for developers in OZs. The HUD Section 220 program insures lenders against loss on mortgage default.

Thursday, August 1, 2019

The U.S. Senate voted 67-28 Thursday to pass a two-year, $2.7 trillion discretionary budget agreement, sending the legislation to President Donald Trump, who is expected to sign it. The budget deal, which was passed last week by the House of Representatives, would suspend the federal debt ceiling until July 31, 2021, and contains no provisions to extend expired or expiring tax provisions.

Friday, July 26, 2019

Reps. Elijah E. Cummings D-Md., and Rashida Tlaib, D, Mich., introduced legislation Thursday to require lead remediation for certain buildings in opportunity zones (OZs). H.R. 4011, The Opportunity Zone Lead Remediation Impact Act of 2019, would require investors in OZ residential property built before 1978 to fund lead-based paint poisoning and prevention efforts and a complete remediation before being considered to have “substantially improved” the property.

Thursday, July 25, 2019

The House of Representatives today passed a two-year, $2.7 trillion discretionary budget agreement by a 284-149 vote. The agreement would also suspend the federal debt ceiling until July 31, 2021. The budget deal would give defense programs a 3 percent increase from $647 billion in fiscal year 2019 to $666.5 billion in fiscal year 2020 and nondefense programs a 4 percent increase from $597 billion in fiscal year 2019 to $621.5 billion in fiscal year 2020. The fiscal year 2021 spending caps would be $671.5 billion for defense and $626.5 billion for nondefense.

Monday, July 22, 2019

A 10 percent tax credit for investments in the state’s opportunity zones is part of the fiscal year 2020-21 budget signed by Gov. Mike DeWine. The credit, originally part of S.B. 8, is for investments in qualified opportunity funds that hold 100 percent of invested assets in Ohio. There is a $1 million cap per taxpayer for each fiscal biennium and a statewide cap of $50 million per fiscal biennium.

Tuesday, July 16, 2019

The U.S. Securities and Exchange Commission (SEC), along with the North American Securities Administrators Association, issued a statement today explaining the application of state and federal securities laws to opportunity zones (OZ) funds, along with guidance for Main Street investors to participate.

Monday, July 15, 2019

Pennsylvania Gov. Tom Wolfe signed legislation that includes a provision to conform the state’s personal income tax code to the Internal Revenue Code for investments in opportunity zones. H.B. 262 amended the Pennsylvania Tax Reform Code of 1971 for all tax years beginning after Dec. 31, 2019.

Tuesday, July 9, 2019

Novogradac will resume at 12:45 p.m. EST its YouTube and Facebook live stream of today’s Treasury Department hearing on proposed opportunity zones regulations.

Tuesday, July 9, 2019

Novogradac’s YouTube channel is live streaming today’s Treasury Department hearing on proposed opportunity zones regulations. The hearing is taking place near Washington, D.C., and includes statements from several individuals and groups with feedback on April’s proposed regulations. You can watch the hearing here. A recording will also be available after the live stream has concluded.

Monday, July 8, 2019

A provision in Rhode Island’s fiscal year 2020 state budget allows taxpayers to avoid paying capital gains taxes on opportunity zones (OZ) investments after holding the investment seven years. The provision is similar to the federal OZ incentive provision that allows the same benefit after 10 years. The budget bill was signed Friday by Gov. Gina Raimondo.

Wednesday, July 3, 2019

The Alabama Department of Economic and Community Affairs is seeking feedback and recommendations concerning opportunity zones (OZs) to help implement the Alabama Incentives Modernization Act. That legislation provides tax credits and other incentives for investment in the state’s OZs. The deadline for feedback is 5 p.m.

Wednesday, July 3, 2019

The Novogradac Opportunity Zones Working Group this week submitted a letter to the U.S. Treasury Department with comments on Treasury’s second tranche of proposed opportunity zones (OZ) regulations that were issued in April.

Tuesday, July 2, 2019

West Virginia Gov. Jim Justice signed legislation allowing individuals, partners, members of limited liability companies that are treated as partnerships and other pass-through entities to deduct from state tax liability for 10 years all income directly derived from an opportunity zones (OZ) business located in one of the state’s OZs. H.B. 113 applies to taxable years beginning Jan. 1, 2019, and will end with taxable years beginning after Jan. 2, 2024.