All News

Monday, May 20, 2019

Legislation to give Alabama taxpayers a state capital gains tax reduction for opportunity zone (OZ) investments, as well as to allow state funds to invest into qualified opportunity funds (QOFs) passed the House of Representatives Last week. H.B. 540 now goes to the state Senate. The legislation would create a state capital gains tax reduction for QOF investments if the fund has at least 75 percent of its qualified OZ property located in Alabama.

Tuesday, May 14, 2019

Puerto Rico Gov. Ricardo Rosselló today signed legislation creating additional territory-wide incentives for investments in opportunity zones (OZ). S.B.

Friday, May 10, 2019

California Gov. Gavin Newsom’s updated 2019-2020 budget request Thursday includes a provision to partially conform state tax laws to the federal tax code for the opportunity zones (OZ) incentive. Newsom’s budget request would make OZ investments in green technology and affordable housing match federal benefits for capital gains reduction and deferral.

Friday, May 10, 2019

The Federal Housing Administration (FHA) today announced a series of incentives to encourage affordable multifamily property owners to invest in opportunity zones (OZs). FHA will reduce application fees for certain affordable housing programs in OZs and will designate a team of underwriters to speed up the processing of those applications.

Thursday, May 9, 2019

The Big City Mayors organization in California–made up of the leaders of the state’s 13 largest cities–sent a letter this week to the governor and leaders of each house of the state Legislature, calling them to adopt strategies to encourage development in opportunity zones (OZs).

Wednesday, May 8, 2019

Four U.S. senators introduced legislation this week to require the collection of information on investments in opportunity zones (OZs). According to a draft version of S.

Wednesday, May 8, 2019

A report from Freddie Mac Multifamily finds that the government sponsored entity’s business in opportunity zones (OZ) has grown more than 75 percent faster than in other areas and that affordable rental housing is twice more frequent in OZs than in other areas. The report also highlights that rural rental housing is prevalent in OZs and that multifamily rental properties in OZs tend to have fewer units.

Wednesday, May 8, 2019

Florida legislation that would have revived and renamed the expired Florida Enterprise Zones Act as the Florida Opportunity Act and linked it to the federal opportunity zones incentive died in committee. H.B. 481, officially introduced in March, would have aligned the definitions of the zones and would have made them eligible for various state incentives.

Monday, May 6, 2019

The Affiliated Tribes of Northwest Indians (ATNI) passed a resolution during its 2019 Winter Convention calling for the designation of every Indian tribal territory as an opportunity zone, a resolution that was forwarded to regional and national forums. The ATNI is a nonprofit that represents 57 tribal governments in Oregon, Idaho, Washington, southeastern Alaska, northern California and western Montana.

Friday, May 3, 2019

Legislation introduced Thursday in Alabama would grant the state the authority to issue up to $50 million in tax credits to impact-oriented qualified opportunity funds that meet certain standards. H.B. 540 includes a wide range of tools to attract and expand businesses in rural Alabama and would allow various state funds to invest in opportunity zones (OZs).

Wednesday, May 1, 2019

Maryland Gov. Larry Hogan signed legislation Tuesday to expand state tax incentives to opportunity zones (OZ) and extend the state Historic Tax Credit (HTC) program through 2024. S.B. 581 makes qualifying businesses and property in OZs eligible for the More Jobs for Marylanders program and certain tax credits.

Tuesday, April 30, 2019

The Internal Revenue Service will publish in Wednesday’s Federal Register its second tranche of proposed regulations for opportunity zones (OZ), which sets the end of the 60-day comment period for the proposed regulations on June 30.

Friday, April 26, 2019

Nebraska Gov. Pete Ricketts signed legislation giving priority to opportunity zones (OZs) in receiving funds from the state Affordable Housing Trust Fund (HTF) and other programs. L.B. 87 adds OZs to state enterprise zones as eligible to receive priority in funding from HTF allocations, the Site and Building Development Fund, the Job Training Cash Fund and the Business Innovation Act.

Tuesday, April 23, 2019

A bill to create a state incentive in Washington for investment in opportunity zones (OZ) and rural development passed both houses of the state legislature and has been sent to Gov. Jay Inslee. H.B. 1324 would create a tax credit against business tax or insurance premium tax equal to the amount of the contribution to a rural development and opportunity zone account.

Monday, April 22, 2019

A bill to conform Hawaii to the Internal Revenue Code for investments in federal opportunity zones (OZs) in the state has been sent to Gov. David Ige. S.B. 1130 would be effective for taxable years beginning Jan. 1, 2019, and the OZ provisions would apply only to investments in Hawaii’s OZs. Ige has until Sunday to veto the bill. If he signs it or takes no action, it becomes law.

Monday, April 22, 2019

Legislation in Texas to create a 25 percent tax credit for investments in opportunity zones (OZs) and rural areas passed the House and is now before the state Senate. H.B.

Monday, April 22, 2019

Legislation in Nebraska that would give priority to federal opportunity zones (OZs) in receiving funds from the state Affordable Housing Trust Fund (HTF) and other programs unanimously passed the state Legislature and is now on the desk of Gov. Pete Ricketts. L.B.

Thursday, April 18, 2019

The White House Opportunity and Revitalization Council Wednesday published its implementation plan on administrative reforms and initiatives to target, streamline, coordinate and optimize federal resources in economically distressed communities, including opportunity zones (OZ). The council, which is chaired by U.S.

Thursday, April 18, 2019

Michael Novogradac, CPA, discussed in a Notes from Novogradac blog post the second tranche of opportunity zones (OZ) guidance released by Treasury yesterday. Yesterday’s post is Part I of a two-part series reviewing the issues addressed in yesterday’s release, as well as some of the open questions that remain.

Wednesday, April 17, 2019

The Treasury Department today released the second tranche of proposed opportunity zones (OZ) guidance concerning qualified opportunity funds. Learn more about the proposed regulations on the Notes from Novogradac blog.