Recent News

Wednesday, December 12, 2018

President Donald Trump today signed an executive order establishing the White House Opportunity and Revitalization Council, which will be led by U.S. Department of Housing and Urban Development Secretary Ben Carson and will include representatives from 13 federal agencies. The council will work across agencies to prioritize or focus federal investments and programs on urban and economically distressed communities, including opportunity zones (OZs).

Wednesday, December 12, 2018

President Donald Trump is expected today to sign an executive order that will create a White House council tasked with coordinating and streamlining federal efforts to boost opportunity zones investments. Reports indicate the White House Opportunity and Revitalization Council will be led by U.S. Department of Housing and Urban Development (HUD) Secretary Ben Carson and will have representatives from 13 federal agencies.  

Novogradac will send another email alert when the text of the executive order, and any other additional information, becomes available.

Tuesday, December 11, 2018

Rep. Mark Meadows, R-N.C., introduced the Disaster Recovery and Opportunity Act of 2018 this week, which would allow parts of federally declared disaster areas to be designated as opportunity zones (OZs). H.R. 7242 would allow governors to declare up to 5 percent of applicable disaster tracts as OZs. The legislation was referred to the House Ways and Means Committee.

Friday, November 30, 2018

The Novogradac Opportunity Zones Working Group this week submitted to the Internal Revenue Service (IRS) a priority request for further opportunity zones (OZ) guidance. The letter said that taxpayer uncertainty around issues unaddressed by proposed guidance released Oct. 19 hinders investment in OZs.

Friday, November 16, 2018

A group of seven U.S. senators introduced a bill Thursday to provide tax relief for victims of Hurricane Florence, Hurricane Michael and certain California wildfires.  Hurricanes Florence and Michael and California Wildfire Tax Relief Act (S. 3648) would amend the tax code to treat any applicable disaster zone as an opportunity zone. Bill sponsors include Sens.

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