Recent News

Wednesday, April 21, 2021

Qualified opportunity funds (QOFs) tracked by Novogradac reported an increase of more than $1 billion in investment since the end of 2020. QOFs tracked by Novogradac reported an equity raise of $16.34 billion for investment in opportunity zones (OZs) as of April 12, up from $15.16 billion reported at the end of 2020. Novogradac is now tracking 1,002 QOFs, of which 708 reported a dollar amount of equity raised. A blogpost by Michael Novogradac looks deeper at the most recent data, including the average equity raise and the types of investment that are most common.

Tuesday, April 20, 2021

Legislation introduced in the South Carolina General Assembly would create a tax credit for investment in new projects in opportunity zones (OZs), as well as other OZ investments. H.B. 3131 would create a 25% credit for the first $50,000 of OZ investment costs for taxpayers and would make recipients of federal low-income housing tax credits (LIHTCs) to automatically receive state LIHTC equal to the federal credit if their development is in an OZ. The legislation also includes a credit for each job created, with the amount varying depending on the economic status of the county; and a tax rebate for grocery stores in food deserts.

Tuesday, April 20, 2021

New York Gov. Andrew Cuomo today signed budget legislation that includes a provision to take the state out of conformity with the Internal Revenue Code concerning the opportunity zones (OZ) incentive. The provision was included in a series of bills to make up the state’s budget for 2021-2022 fiscal year. For taxable years beginning Jan. 1, 2021, the OZ gain excludable from federal taxes is not excludable in New York state taxes.

Monday, April 12, 2021

The Internal Revenue Service (IRS) will publish in Wednesday’s Federal Register a notice of proposed rulemaking for the opportunity zones (OZ) incentive that provides flexibility in the 24-month extension of the working capital safe harbor in the case of federally declared disaster areas. The proposed rule would allow qualified OZ businesses to revise or replace the original written designation and written plan and remain eligible for the safe harbor, provided that the remaining working capital assets are expended within the original 31-month period, increased by the 24 additional months provided.

Tuesday, March 2, 2021

The Novogradac Opportunity Zones Mapping Tool has been updated to indicate whether there are boundary changes to qualified OZ census tracts (QOZs) due to the 2020 Census, a change that will necessitate IRS guidance, since eligibility for the OZ incentive is based on 2010 census tract boundaries. 

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.