Recent News

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.

Friday, January 4, 2019

The Novogradac Opportunity Zones (OZ) Working Group sent a letter to the Department of Treasury and the Internal Revenue Service (IRS), commenting on issues raised by Treasury regulations for OZs, providing recommended solutions and responding to specific requests by the agencies. Treasury issued its initial tranche of proposed Treasury regulations in October 2018 and further guidance is expected soon.

Wednesday, December 19, 2018

Legislation introduced in South Carolina this week would create a 25 percent tax credit for companies that investment in opportunity zones. H. 3186, sponsored by Rep. Marvin Pendarvis, includes a cap of $50,000 per taxpayer, would allow the credit to be carried over for up to five years and would begin in 2019. The legislation was assigned to the state Ways and Means Committee.

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