Recent News

Friday, September 21, 2018

Rep. Jenniffer Gonzalez-Colon, R, Puerto Rico, introduced legislation to provide a federal tax credit for certain business expenses in census tracts that meet one of three definitions for an economically distressed zone and are designated as such by local or state government. H.R.

Thursday, September 13, 2018

The Office of Information and Regulatory Affairs (OIRA), a division of the White House Office Management of the Budget (OMB), on Wednesday received regulatory guidance for review from the Internal Revenue Service (IRS) concerning the opportunity zones incentive. A proposed rule from the IRS is expected to clarify several issues for investors in the new incentive.

Tuesday, September 11, 2018

The National Association of Home Builders and eight other national organizations on Monday asked acting Internal Revenue Service Commissioner David Kautter to issue guidance on issues facing potential investors in the federal opportunity zones initiative. Their letter specifically seeks a definition of qualified investments, a clarification of the oversight process for investment funds and clarification of several teams in the statute.

Tuesday, September 11, 2018

Legislation was introduced to create a 10 percent state tax credit in Ohio for taxpayers who invest in an Ohio-based opportunity fund that participates in the federal opportunity zones (OZ) incentive. H.B. 727 would provide the state tax credit to taxpayers who invest at least $250,000 in an opportunity fund that holds 100 percent of its assets in a qualified OZ business or qualified OZ property in a designated Ohio qualified OZ.

Friday, September 7, 2018

The U.S. Impact Investing Alliance, a group of more than 800 investors and financial intermediaries, addressed a letter this week to Treasury Secretary Steven Mnuchin asking that he instruct the Internal Revenue Service or another agency to collect and then provide data on opportunity funds that participate in the opportunity zones incentive.