Recent News

Wednesday, June 26, 2019

A Massachusetts bill would give certain midsized urban centers priority in receiving technical assistance from the state while marketing or promoting opportunity zones. H.B. 3918 would prioritize assistance from the executive office of housing and economic development for gateway cities, which are defined by state law.

Wednesday, June 26, 2019

Louisiana Gov. John Bel Edwards signed legislation adding opportunity zones (OZ) to the list of areas eligible for the Louisiana Restoration Tax Abatement Program. H.B. 585 passed both houses of the state Legislature unanimously and became effective June 11. The bill adds OZs to the list of areas eligible for an abatement from property taxes for up to 10 years for the expansion, restoration, improvement or development of structures.

Tuesday, June 25, 2019

The Internal Revenue Service posted Notice 2019-42, which adds two census tracts in Puerto Rico to the list of federal opportunity zones. Both tracts were eligible under 2012-2016 American Community Survey data after not being eligible under 2011-2015 data. The notice will be published in the Internal Revenue Bulletin 2019-29 on July 15.

Tuesday, June 25, 2019

The West Virginia Senate unanimously approved legislation to allow individuals and partnerships or limited liability companies to exempt from state tax liability certain income from an opportunity zone (OZ) business. H.B. 113 would cover net income derived directly from an OZ and would be in effect for taxable years beginning Jan. 1, 2019 through those beginning Jan. 1, 2024. The bill now goes to Gov.

Monday, June 24, 2019

The Internal Revenue Service updated its Opportunity Zones Frequently Asked Questions page to affirm that a taxpayer who invests an Internal Revenue Code (IRC) Section 1231 gain into a qualified opportunity fund before the last day the 2018 tax year, but during the 180-day period beginning with the realization of an IRC Section 1231 gain, can make a valid deferral election based on that investment because the tax year ended before May 1, 2019.

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