Recent News

Thursday, January 17, 2019

A bill in the Nebraska Legislature would give priority to federal opportunity zones (OZs) in the allocation of state Affordable Housing Trust Fund and other state programs. LB 87 would add OZs to statewide enterprise zones to receive priority in the allocation of housing trust fund assistance. The bill would similarly prioritize OZs to receive Job Training Cash Fund, Site and Building Development Fund and Business Innovation Act assistance.

Wednesday, January 16, 2019

Sens. John Hoeven, R-N.D., and Ron Wyden, D-Ore., today introduced the Move America Act of 2019, legislation that would expand tax-exempt private activity bonds and create a federal infrastructure tax credit to fund infrastructure projects through public-private partnerships. The legislation would allow states to issue tax-exempt bonds in partnership with private entities, with each state receiving a bond allocation based on population size.

Friday, January 11, 2019

California Gov. Gavin Newsom today published his 2019-2020 proposed budget summary, which would include conforming state law to federal law allowing for deferred and reduced taxes on capital gains in opportunity zones (OZs) for investments in green technology or in affordable housing, and for excluding gains on such investments in OZs held for 10 or more years.

Monday, January 7, 2019

The Internal Revenue Service (IRS) today announced the cancellation due to the ongoing government shutdown of a public hearing on proposed regulations for opportunity zones. The public hearing was originally scheduled for Thursday, but will be rescheduled for at least two weeks after appropriations for the Department of the Treasury are restored. The IRS notice will be published in the Federal Register.

Friday, January 4, 2019

Maryland Gov. Larry Hogan announced a series of initiatives this week to expand the opportunity zones (OZ) incentive in his state. Maryland will make $20 million available for building or renovating affordable housing, $8 million for small business lending and $3.5 million for site acquisition and demolition of derelict buildings and redevelopment in OZs. The state’s EARN workforce development grant program will invest $3 million in a job training program for businesses in the state’s 139 OZs and the state will issue other grants for businesses to provide workforce training programs.

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