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Friday, May 18, 2018

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.

Thursday, May 17, 2018

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.

Wednesday, May 16, 2018

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.

Friday, April 27, 2018

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.

Wednesday, April 25, 2018

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.

Thursday, April 19, 2018

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.

Monday, April 9, 2018

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.

Wednesday, February 28, 2018

Connecticut, Maine and Indiana this week invited communities and economic development entities to comment on the selection of qualified opportunity zones for their states, j

Tuesday, February 27, 2018

The Treasury Department today released updated information about census tracts eligible for nomination as qualified Opportunity Zones. The areas include all census tracts that meet the New Markets Tax Credit (NMTC) program definition and additional contiguous census tracts eligible for designation as qualified Opportunity Zones. Governors must designate Opportunity Zones in their state by March 21, making those areas eligible for incentives for investors.

Monday, February 12, 2018

President Donald Trump’s proposed $4.4 trillion fiscal year 2019 (FY 2019) budget would cut by 18 percent U.S. Department of Housing and Urban Development (HUD) programs and would eliminate the HOME Investment Partnerships program, Community Development Block Grant program and Public Housing Capital Fund. Funding for HUD would be $6.8 billion less than annualized funding levels as per the continuing resolution for FY 2018 under the proposed FY 2019 budget.

Friday, February 9, 2018

President Trump today ended a brief government shutdown by signing the Bipartisan Budget Act of 2018, a two-year, $300 billion increase to the defense and nondefense spending caps for fiscal years 2018 and 2019.

Thursday, February 8, 2018

The Internal Revenue Service (IRS) today published Revenue Procedure 2018-16, guidance to state chief executive officers on how certain population census tracts may be designated as Qualified Opportunity Zones. Rev. Proc. 2018-16 specifies which census tracts are eligible and provides applicable requirements and deadlines for designation.

Wednesday, February 7, 2018

The Department of Treasury today released a second-quarter update to its 2017-2018 Priority Guidance Plan. Guidance for Opportunity Zones created under the new tax law was added in this update.

Monday, February 5, 2018

Novogradac & Company LLP today announced the launch of a resource center with information about Opportunity Zones, a community development tool created by tax reform legislation H.R. 1 for low-income communities.

Thursday, January 11, 2018

A client alert posted today by Novogradac & Company explains the basics of Opportunity Zones, a community development tool included in tax reform legislation passed by Congress and signed into law by President Donald Trump. The document explains benefits to Opportunity Zones investors, defines Opportunity Zones and Opportunity Funds, and previews the next steps for the new program. 

Friday, December 22, 2017

President Donald Trump today signed the Tax Cuts and Jobs Act (H.R. 1). The legislation, which goes into effect Jan. 1, 2018, preserves the low-income housing tax credit (LIHTC), tax exemption for private activity bonds, the 2018 and 2019 new markets tax credit (NMTC) allocation application rounds, a revised historic tax credit (HTC) and existing phasedowns for the renewable energy investment tax credit (ITC) and production tax credit (PTC).

Wednesday, December 20, 2017

The House of Representatives today passed the Tax Cuts and Jobs Act (H.R. 1) 224-201, with 12 Republicans against it and no Democrats voting for it. The Senate passed the legislation earlier, 51-48 on a party-line vote. The tax bill preserves the low-income housing tax credit (LIHTC), the tax exemption for private activity bonds, the 2018 and 2019 new markets tax credit (NMTC) allocation application rounds, a revised historic tax credit (HTC) and existing phasedowns for the renewable energy investment tax credit (ITC) and production tax credit (PTC).

Friday, February 3, 2017

Rep. Pat Tiberi, R-Ohio, and 31 cosponsors reintroduced the Investing in Opportunity Act (H.R. 828), a bill that would provide tax incentives for investing in “opportunity zones” in low-income communities.  The legislation would allow taxpayers to defer capital gains taxes on investments reinvested into “opportunity zones” as identified in the New Markets Tax Credit (NMTC) program definition of low-income communities. The legislation would also create “opportunity funds,” where investors can pool resources to invest in areas of need.