Recent News

Friday, February 15, 2019

Kentucky state Rep. John Blanton this week introduced the Kentucky Rural Jobs Act, which is modeled after the federal New Markets Tax Credit program and complementary to the federal opportunity zones incentive. HB203 would provide tax credits for investments in rural counties and federal opportunity zones across Kentucky, with an annual cap of $35 million.

Friday, February 15, 2019

A bill in the Texas Legislature would create an added state incentive to the federal opportunity zones incentive, applied to rural areas. SB 826, The Texas Rural and Opportunity Zones Act, would create a 25 percent tax credit against the state insurance tax for credit-eligible capital contributions to a state-approved rural opportunity fund that in turn makes an investment that meets certain job-creation and job-retention standards in a targeted rural area.

Wednesday, February 6, 2019

New York state Sens. Michael Gianaris and Jessica Ramos introduced a bill today that would eliminate state tax incentives for capital gains when investing in federal qualified opportunity zones (OZs). S.B. 3401 would be effective for tax years beginning on and after Jan. 1, 2018. The bill, designed to eliminate a state incentive to participate in the OZ incentive, was assigned to the Senate Budget and Revenue Committee.

Tuesday, January 29, 2019

The Internal Revenue Service (IRS) will publish a notice in Friday’s Federal Register announcing a Feb. 14 public hearing on opportunity zones (OZ) regulations. The hearing will be at 10 a.m. Feb. 14 in the IRS Building Auditorium in Washington, D.C. The hearing will address proposed OZ guidance released in October.

Friday, January 25, 2019

President Donald Trump today announced a short-term funding agreement to end the partial federal government shutdown after 35 days. The agreement will allow the U.S. Department of Housing and Urban Development to fund expired and expiring housing contracts and will allow the Community Development Financial Institutions (CDFI) Fund to resume movement toward the announcement of new markets tax credit allocations. The legislative measure will fund the government through Feb. 15 and Trump said border security negotiations will continue during the interim.

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