The Oklahoma Department of Commerce announced Monday that it will use priority enterprise zones (PEZs) created in the Oklahoma Enterprise Zone Act to attract capital to federal opportunity zones (OZs) in the state.
Legislation in the Maryland state Senate to provide a 5 percent bonus for state historic tax credit (HTC) properties in opportunity zones (OZs) advanced from the Budget and Taxation Committee. S.B. 656 is a companion bill to legislation introduced in the House of Representatives. The legislation would expand projects eligible for the 5 percent increase to include OZs.
Legislation introduced in the Vermont Legislature would make investments made in opportunity zones eligible to apply annually for the state Downtown and Village Center Tax Credit, which is twice as often as other projects are allowed to apply. H 442 would expand eligibility under the program only for OZ investments.
Ohio Gov. Mike DeWine today said his proposed 2020-2021 budget will call for a 10 percent state income tax credit to attract investment to opportunity zones. DeWine will propose a nonrefundable credit using existing tax credit availability to create the new credit, according to a press release from DeWine’s office.
Three Virginia bills to provide a 35 percent state income tax credit for nonresidential solar equipment in specific areas, including opportunity zones, failed to advance in the state Legislature.
The Office of Information and Regulatory Affairs (OIRA) today received the second tranche of regulatory guidance for review from the Internal Revenue Service (IRS) concerning the opportunity zones (OZ) incentive. OIRA is a division of the White House Office Management of the Budget.
A California state bill to establish procedures for the environmental review and approval for projects–including those funded by qualified opportunity funds as part of the federal opportunity zones incentive–was amended last week. SB25, which addresses the California Environmental Quality Act, will be addressed April 10 in a hearing in the state Senate Environmental Quality Committee.
A West Virginia bill that would exempt new qualified opportunity zones businesses from corporate net income tax and personal income tax for the first decade of their operation was passed Friday by both houses of the state Legislature and is now at the desk of Gov. Jim Justice. HB 2828 would require a business to be newly registered Jan. 1, 2019, or later to be eligible for the exemption, which would be effective for tax years beginning Jan. 1, 2019. Gov.
The Trump administration today released its proposed $4.7 trillion budget for fiscal year 2020, which proposes reductions in funding for the U.S. Department of Housing and Urban Development (HUD), including the elimination of the Community Development Block Grant (CDBG) and HOME Investment Partnerships programs and the Public Housing Capital Fund. The budget request includes $44.1 billion in gross HUD appropriations, a 16.4 percent cut from FY 2018 levels, and a $9.6 billion, or 18 percent cut from FY 2019, to support the core functions.
A bill in the Rhode Island House of Representatives would create a tax credit for 10 percent of a taxpayer’s opportunity zones (OZ) investment in Pawtucket and Central Falls, R.I. HB 5808 would require a qualified opportunity fund to invest at least $250,000 in the OZ for the participants to receive the credit. The tax credit could be taken in the year in which a qualified OZ business is placed in service.
Maryland legislation would introduce a state affordable housing tax credit effective in 2020. HB 1141 would create the Qualified Maryland Housing Tax Credit for properties that qualify for the federal low-income housing tax credit (LIHTC) and are in areas designated as community revitalization areas–which includes opportunity zones. There would with an annual statewide cap of $10 million and no requirement that the development also receive federal LIHTCs.
Reps. Earl Blumenauer, D-Ore., and Jackie Walorski, R-Ind., yesterday introduced the Move America Act of 2019 (H.R. 1508) to spur investment in infrastructure improvements through Move America Bonds and Move America Credits. The bill would expand tax-exempt private activity bonds for infrastructure and create a federal infrastructure tax credit to fund infrastructure projects through public-private partnerships. Sens.
Eighty-seven entities listed in the Novogradac Opportunity Funds Listing now surpass $20 billion in community development investing capacity. The funds have investment focus all over the nation and represent a broad range of investment types.
A Washington state bill to incentivize rural development and opportunity zones (OZ) investment advanced to the full House for consideration after it was approved Feb. 28 by the House Appropriations Committee, the third House committee to approve the bill unanimously.
A bill that would have revised Mississippi state income tax regulations to conform with federal opportunity zones incentive tax provisions died in committee. HB 1704 would have matched Mississippi tax provisions with federal tax provisions for OZ property in specific counties through the end of 2021 and statewide thereafter.
A bill introduced in the Maryland state Senate would make projects in opportunity zones (OZs) eligible for certain tax credits and Department of Commerce financial assistance.
Legislation to conform Arkansas’ state tax code to the federal opportunity zones (OZ) incentive became law today after Gov. Asa Hutchinson took no action for five days following the bill’s delivery to his desk. SB 196 mirrors the federal provisions for capital gains while calculating state income tax liability.
Texas state Rep. Travis Clardy introduced a bill in the state House of Representatives that would create a franchise tax credit and sales and use tax refund for certain businesses that invest in opportunity zones (OZs). H.B. 2397 would create a 25 percent tax credit for expenses to remodel, rehabilitate or build a structure in an OZ; and to purchase equipment or machinery for a building in an OZ. The credit would require a minimum investment of $100,000.
A bill introduced in the West Virginia House of Delegates would exempt new qualified opportunity zone businesses from corporate net income tax and personal income tax for the first 10 years of their operation. HB2828 would require a business to be newly registered in West Virginia on Jan. 1, 2019, or later and would be effective for taxable years beginning Jan. 1, 2019.
Legislation was introduced in Ohio this month to create a nonrefundable 1 percent tax credit for investments of $250,000 or more in Ohio qualified opportunity funds, which must hold 100 percent of their assets in Ohio opportunity zones. This proposal is scaled back from legislation introduced last year that would have provided a 10 percent tax credit.
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