Legislation introduced in the Michigan state Senate would create a tax credit for qualified research and development (R&D) expenses related to the automotive industry in opportunity zones (OZs). S.B.
Hawaii Gov. David Ige signed legislation to conform the state tax code to the federal Internal Revenue Code as amended as of Dec. 31, 2018. S.B. 1130 allows opportunity zones incentive investments to qualify for the same state tax benefits as federal benefits, although only for OZ investments in Hawaii.
The Connecticut Legislature passed a bill requiring a series of events to promote opportunity zones (OZs), a study to determine how the state can further incentivize OZs and expedited permit reviews for projects in the state’s OZs. S.B. 570 also requires the appointment of a Deputy Commissioner of Economic and Community Development, who will be the state’s primary point of contact for OZs. The legislation is effective July 1.
The U.S. Economic Development Administration (EDA) announced Wednesday that it is adding opportunity zones (OZ) as an investment priority. The EDA has invested nearly $30 million in OZs already, but making OZs an investment priority increases the number of projects that can receive EDA grants–which apply to planning, technical assistance and infrastructure construction.
Arizona Gov. Doug Ducey signed legislation that conforms the state tax code to the federal Internal Revenue Code. H.B. 2757 means that Arizona now conforms to the opportunity zones provisions of the IRC for both corporate and personal income.
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