Recent News

Wednesday, February 20, 2019

The 2019 budget proposal by Florida Gov. Ron DeSantis would link the state’s charter schools plan to the federal opportunity zones (OZ) incentive. DeSantis’ budget request would expand the eligibility standard for potential state-funded charter schools from being near “persistently low-performing schools” according to a state standard. Under DeSantis’ proposal, any communities in OZs would also be eligible, a proposal that would add nearly 250 Florida communities to the 47 available under the current standard.

Wednesday, February 20, 2019

Legislation passed by both houses of the Legislature in Arkansas Tuesday would create a state incentive to match the federal opportunity zones incentive. SB 196 would mirror the federal provisions for capital gains while computing state income tax liability. Gov. Asa Hutchinson can now sign or veto the bill. Without a veto, it becomes law in five days.

Wednesday, February 20, 2019

The Mississippi Home Corporation will commit 12.5 percent of the state’s low-income housing tax credit (LIHTC) authority for 2018, 2019, 2020 and 2021 to applicants in an opportunity zones (OZ) special allocation cycle. Applicants in the special cycle must propose a development in an OZ. The maximum LIHTC award is $10 million. Applications will be accepted in June and awards will be announced Oct. 9.

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.

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