All News

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.

Wednesday, June 26, 2019

A Massachusetts bill would give certain midsized urban centers priority in receiving technical assistance from the state while marketing or promoting opportunity zones. H.B. 3918 would prioritize assistance from the executive office of housing and economic development for gateway cities, which are defined by state law.

Wednesday, June 26, 2019

Louisiana Gov. John Bel Edwards signed legislation adding opportunity zones (OZ) to the list of areas eligible for the Louisiana Restoration Tax Abatement Program. H.B. 585 passed both houses of the state Legislature unanimously and became effective June 11. The bill adds OZs to the list of areas eligible for an abatement from property taxes for up to 10 years for the expansion, restoration, improvement or development of structures.

Tuesday, June 25, 2019

The Internal Revenue Service posted Notice 2019-42, which adds two census tracts in Puerto Rico to the list of federal opportunity zones. Both tracts were eligible under 2012-2016 American Community Survey data after not being eligible under 2011-2015 data. The notice will be published in the Internal Revenue Bulletin 2019-29 on July 15.

Tuesday, June 25, 2019

The West Virginia Senate unanimously approved legislation to allow individuals and partnerships or limited liability companies to exempt from state tax liability certain income from an opportunity zone (OZ) business. H.B. 113 would cover net income derived directly from an OZ and would be in effect for taxable years beginning Jan. 1, 2019 through those beginning Jan. 1, 2024. The bill now goes to Gov.

Monday, June 24, 2019

The Internal Revenue Service updated its Opportunity Zones Frequently Asked Questions page to affirm that a taxpayer who invests an Internal Revenue Code (IRC) Section 1231 gain into a qualified opportunity fund before the last day the 2018 tax year, but during the 180-day period beginning with the realization of an IRC Section 1231 gain, can make a valid deferral election based on that investment because the tax year ended before May 1, 2019.

Friday, June 21, 2019

Legislation that would allow individuals and partnerships or members of limited liability companies to exempt from state tax liability their net income directly derived from a qualified opportunity zone (OZ) businesses in West Virginia passed the House this week. If enacted, H.B. 113 would go into effect for taxable years beginning Jan. 1, 2019, and will terminate for taxable years beginning Jan. 1, 2024.

Monday, June 17, 2019

Legislation introduced in the Michigan state Senate would create a tax credit for qualified research and development (R&D) expenses related to the automotive industry in opportunity zones (OZs). S.B.

Thursday, June 13, 2019

Hawaii Gov. David Ige signed legislation to conform the state tax code to the federal Internal Revenue Code as amended as of Dec. 31, 2018. S.B. 1130 allows opportunity zones incentive investments to qualify for the same state tax benefits as federal benefits, although only for OZ investments in Hawaii.

Thursday, June 13, 2019

The Connecticut Legislature passed a bill requiring a series of events to promote opportunity zones (OZs), a study to determine how the state can further incentivize OZs and expedited permit reviews for projects in the state’s OZs. S.B. 570 also requires the appointment of a Deputy Commissioner of Economic and Community Development, who will be the state’s primary point of contact for OZs. The legislation is effective July 1.

Thursday, June 13, 2019

The U.S. Economic Development Administration (EDA) announced Wednesday that it is adding opportunity zones (OZ) as an investment priority. The EDA has invested nearly $30 million in OZs already, but making OZs an investment priority increases the number of projects that can receive EDA grants–which apply to planning, technical assistance and infrastructure construction.

Wednesday, June 12, 2019

Arizona Gov. Doug Ducey signed legislation that conforms the state tax code to the federal Internal Revenue Code. H.B. 2757 means that Arizona now conforms to the opportunity zones provisions of the IRC for both corporate and personal income.

Friday, June 7, 2019

Alabama Gov. Kay Ivey signed a bill Thursday giving state taxpayers a capital gains tax reduction for opportunity zones (OZ) investments, conforming the Alabama tax code to the Internal Revenue Code on OZs. H.B.