Maryland Gov. Larry Hogan announced today that the third round of opportunity zone (OZ) microgrant funding will open Tuesday, allowing certain small businesses that seek to expand in OZs to apply for grants ranging from $50,000 to $100,000. Eligible businesses must be in an OZ and have secured a matching contribution equal to or greater than the grant request, have between two and 50 employees, generate annual revenue between $300,000 and $5 million and be in good standing with the state department of assessments and taxation. The first two rounds of OZ microgrants have invested $1 million in 20 businesses.
Novogradac has resources available for private companies and nonprofits affected by Accounting Standards Codification (ASC) 842, which changed lease accounting standards. The change–which took effect Jan. 1 for fiscal years beginning after Dec. 15, 2021–affects the way certain contracts are accounted for under generally accepted accounting principles, particularly entities that are lessees. Rather than disclosing operating leases in notes to financial statements, but not on balance sheets, the new guidance requires lessees to record a right-of-use asset for the leased asset and a corresponding lease liability equal to the financial obligation over the lease term, as well as new disclosure requirements.
President Joe Biden today signed into law the Inflation Reduction Act (IRA), a $750 billion budget reconciliation bill that includes $369 billion in clean and renewable energy provisions that feature extensions of the renewable energy production tax credit (PTC) and investment tax credit (ITC).
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.
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.
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