Recent News

Wednesday, January 19, 2022

Legislation passed in Washington, D.C., and awaiting congressional approval would clarify that capital gains deductions related to the opportunity zones (OZ) incentive are available to individuals, estates and trusts in the same manner as to corporations. D.C. Council Bill 240513 would take effect following its 30-day period of congressional review.

Monday, January 17, 2022

The Internal Revenue Service (IRS) last week released a private letter ruling granting an extension to a limited liability company to make a timely election to be certified as a qualified opportunity fund (QOF). PLR 202202009 determined that the failure of the LLC’s accounting firm to file IRS Form 8996–which allows the self-certification as a QOF for the opportunity zones (OZ) incentive–was unintentional and the LLC acted reasonably and in good faith. The IRS also ruled that the government’s interests are not prejudiced by providing an additional 45 days to file a Form 8996 to self-certify as an QOF. PLRs are directed only to the taxpayer requesting them and may not be used or cited as precedents.

Thursday, January 13, 2022

Sen. Ron Wyden, D-Oregon, chair of the Senate Finance Committee, today sent letters to several qualified opportunity funds (QOFs) seeking detailed information about the opportunity zones (OZ) incentive projects into which they have invested. Wyden requested responses as soon as possible, but no later than Feb. 3. Wyden requested details including the list of all OZ projects, job creation data, details of OZ-related tax benefits, timelines and more.

Tuesday, January 4, 2022

Legislation in the Mississippi House of Representatives would conform the state tax code to the Internal Revenue Code (IRC) concerning opportunity zones (OZ) investment in 19 of the state’s 82 counties. H.B. 133 would apply to the deferral or nonrecognition of gain by investment in a qualified opportunity fund (QOF) in those 19 counties through Dec. 31, 2024. Beginning Jan. 1, 2025, the conformity would expand to any investment in the state. Mississippi’s four bordering states all have either limited or full conformity to the IRC.

Wednesday, December 22, 2021

Nine Democrats on the U.S. House of Representatives’ Ways and Means Subcommittee on Oversight sent a letter Tuesday asking the U.S. Department of the Treasury to consider three ways to boost the benefits of the opportunity zones (OZ) incentive in helping communities in need: implementing a rigorous certification process for OZ funds, allocating a dedicated agency staff to oversee OZs and requiring transaction reporting separate from tax forms. The letter is the product of a Nov. 16 committee hearing on OZs. Rep. Bill Pascrell of New Jersey, the subcommittee chairman, was among the nine signatories.

Novogradac Opportunity Zones Mapping Tool
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Find opportunity zones by zip code, census tract, and more.
Opportunity Zones Working Group
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The Opportunity Zones Working Group suggests consensus solutions to technical Opportunity Zones incentive issues.
Opportunity Funds Listing
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A listing of funds formed to invest in opportunity zones.