Recent News

Tuesday, August 9, 2022

Total investment in qualified opportunity funds (QOFs) tracked by national accounting and consulting firm Novogradac surpassed $30 billion as of June 30, according to a special report released today. Novogradac Opportunity Zones Investment Report: Data Through June 30, 2022, reports that $30.49 billion was raised by QOFs tracked by Novogradac for investment in opportunity zones (OZ). Novogradac is tracking 1,475 funds, of which 1,097 report a specific amount of equity raised. The June 30 total is $6.09 billion more than Novogradac reported at the end of 2021, giving the six-month period the second-largest dollar increase in OZ investment since Novogradac began tracking the data. Michael Novogradac, CPA, published a blog post on the QOF investment data, which is also topic of this week’s episode of Novogradac’s Tax Credit Tuesday podcast.

Wednesday, July 13, 2022

Legislation in Rhode Island to require all entities that receive the Rebuild Rhode Island Tax Credit pay prevailing wages to construction workers became law when Gov. Daniel McKee took no action within 10 days after adjournment of the Legislature. H.B. 7985 applies to all applications for that credit, which includes the state historic tax credit (HTC) and a credit for mixed-use developments in opportunity zones (OZs) that support new affordable or workforce housing. The legislation provides for the revocation of Rebuild Rhode Island Tax Credits for a failure to meet the requirements.

Friday, June 17, 2022

Ohio Gov. Mike DeWine signed legislation this week to temporarily expand and enhance the state’s opportunity zones (OZ) tax credits and temporarily double the state’s annual historic tax credit (HTC) cap. S.B. 225 increases funding for OZ tax credits for investments in qualified opportunity funds (QOFs) that hold all assets in Ohio OZs. That amount goes from $50 million to $75 million for 2022 and 2023 before dropping back to $50 million in 2024 and settling at $25 million annually thereafter. Investors without state tax liability can now transfer the OZ credit. The bill also temporarily increases the state HTC cap from $60 million to $120 million for fiscal years 2023 and 2024 and increases the tax credit percentage for those years from 25% to 35% for any county, township or municipal corporation with a population of less than 300,000.

Tuesday, June 14, 2022

The proposed global minimum tax and its potential effect on community development tax credit equity investments is the subject of this week’s Novogradac Tax Credit Tuesday podcast episode. Michael Novogradac, CPA, and Novogradac partner Brad Elphick, CPA, discuss the proposal and potential approaches to mitigate the damage to tax credit equity investment. They also examine next steps in the proposal and for community development tax credit stakeholders. Novogradac has also published a white paper on the subject called Pillar Two and Tax Credit Equity Investments and is seeking public comment on the paper. Comments may be sent to [email protected]

The weekly Tax Credit Tuesday podcast offers an in-depth discussion of various tax incentive topics with expert guests.

Thursday, June 2, 2022

Ohio legislation that would temporarily expand and enhance the state’s opportunity zones (OZ) tax credits and temporarily double the state’s annual historic tax credit (HTC) cap has passed both houses of the Legislature and is headed for the desk of Gov. Mike DeWine. S.B. 225 would increase funding for the state OZ credits from $50 million to $75 million for 2022 and 2023 before dropping back to $50 million in 2024 and $25 million annually thereafter. Investors without state tax liability could transfer the OZ credit under the new legislation. The bill also would temporarily increase the state HTC cap from $60 million to $120 million for fiscal years 2023 and 2024 and would increase the tax credit percentage for those years from 25% to 35% for any county, township or municipal corporation with a population of less than 300,000.

Novogradac Opportunity Zones Mapping Tool
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Find opportunity zones by zip code, census tract, and more.
Opportunity Zones Working Group
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The Opportunity Zones Working Group suggests consensus solutions to technical Opportunity Zones incentive issues.
Opportunity Funds Listing
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A listing of funds formed to invest in opportunity zones.