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https://www.novoco.com/resource-centers/opportunity-zone-resource-center/guidance/novogradac-opportunity-zones-mapping-toolThe Internal Revenue Service (IRS) today issued Announcement 2021-10, confirming that the boundaries of designated qualified opportunity zones (OZs) were established at the time they were designated, are unaffected by 2020 decennial census changes and are not subject to change.
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.
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.
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.
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.
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