All News

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.

Wednesday, May 13, 2020

Legislation enacted in Maryland extends the state’s Opportunity Zone (OZ) Enhancement Program for five years, through 2026. H.B. 45 also limits eligibility for the biotechnology and cybersecurity investment incentive programs to companies that either began or moved into an OZ on or after March 1, 2018; requires OZ businesses to pay the greater of 120 percent of the state minimum wage or 120 percent of the county minimum wage; and changes some application and reporting requirements.

Tuesday, May 12, 2020

House Democrats today unveiled a $3 trillion COVID-19 relief bill, their proposal for “Phase 4” of pandemic relief legislation. The Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act would provide nearly $1 trillion to state and local governments to avert layoffs and $200 billion in hazard pay for essential workers.

Monday, May 4, 2020

The Internal Revenue Service issued a notice that clarifies that taxpayers are not allowed a deduction for an expense if payment of the expense results in forgiveness of a Paycheck Protection Program (PPP) loan, and the income associated with the forgiveness is excluded from gross income.

Monday, May 4, 2020

Sen. Tim Scott, R-S.C., and eight colleagues sent a letter today to the Department of the Treasury and the Internal Revenue Service, making 10 requests for modification of rules concerning the opportunity zones (OZ) incentive due to the COVID-19 pandemic.

Thursday, April 30, 2020

The Internal Revenue Service will publish a revenue procedure May 18 to temporarily allow taxpayers to electronically submit requests for private letter rulings and other guidance. Revenue Procedure 2020-29 modifies an earlier revenue procedure and will allow both paper and electronic requests for advice until Revenue Procedure 2020-29 is modified or superseded.

Thursday, April 30, 2020

Qualified opportunity funds (QOFs) listed on the Novogradac Opportunity Funds List page have surpassed $10 billion in equity raised, continuing a steady increase in investment in the opportunity zones (OZ) incentive. The 406 equity-raising QOFs on the Novogradac list report having raised $10.09 billion–about a 50 percent increase since the last update in January.

Wednesday, April 29, 2020

A California state lawmaker amended a bill concerning opportunity zones (OZ) reporting to include the impact of the COVID-19 pandemic as a primary reason to use of the OZ incentive to build affordable housing. State Sen. Maria Elena Durazo updated the language of S.B. 1435, which would require the state to track OZ investments and make the information public.

Friday, April 24, 2020

President Donald Trump today signed the $484 billion COVID-19 relief bill into law, providing $380 billion for small businesses, $75 billion for hospitals and $25 billion for disease testing.

Wednesday, April 22, 2020

The House of Representatives is expected to vote Thursday morning on a $484 billion COVID-19 relief bill that includes $380 billion for small businesses, $75 billion for hospitals and $25 billion for disease testing.

Tuesday, April 21, 2020

Two members of the House of Representatives introduced a bill to temporarily define small businesses affected by the COVID-19 pandemic as qualified opportunity zones (OZ) businesses, allowing OZ investment to assist them in recovery.

Wednesday, April 15, 2020

Rep. Denver Riggleman, R-Va., and five cosponsors this week introduced The Opportunity Zone Extension Act, a bill that would extend the required inclusion date for capital gains deferred through a qualified opportunity fund investment.