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The Maryland Department of Commerce updated its list of enterprise zones Feb. 1. Businesses located in these zones can qualify for enterprise zone program tax credits for job creation and investments. There are 37 enterprise zones.
Wisconsin Gov. Tony Evers signed legislation this week to allow state taxpayers to double the state income and franchise tax exclusion treatments for capital gains invested in Wisconsin-centered qualified opportunity funds (QOFs), defined as QOFs that hold at least 90 percent of assets in Wisconsin opportunity zones projects.
Michigan Gov. Gretchen Whitmer signed a bill Jan. 24 that will increase the Michigan neighborhood zone enterprise tax credit. Under S.B. 319, homes in eligible distressed communities that are worth up to $120,000 per housing unit are now eligible for the credit.
Trump FY 2021 Budget Proposal; Senate Finance Committee 2021 Budget Hearing; HUD Capital Fund Program Awards; Senate Finance Committee Chairman Chuck Grassley Energy Tax Policy Letter; Utah H.B. 299 and Illinois H.B. 4761 State Opportunity Zones Incentives.
Infrastructure Proposals; Opportunity Zones Re-Designation Legislation; CRA Reform; New York Trial Court Ruling; Hawaii S.B. 2970; Colorado LIHTC Partnerships PLR; Hawaii H.B. 2039.
The California Tax Credit Allocation Committee (CTCAC) released a memo on Aug. 16 to low-income housing tax credit (LIHTC) stakeholders for review and comment of proposed regulation changes. The memo also included a statement of reasons for all 37 proposed changes in the memo. The committee hopes to adopt regulation changes by Oct. 16.
House Stopgap Bill; Treasury and HUD Housing Finance Reform Plans for Fannie Mae and Freddie Mac; Rental Assistance Demonstration Revised Notice; 2019 NMTC Allocation Round; Updated Opportunity Zones FAQs; Department of Commerce Comment Request on Opportunity Zones; FY 2020 Fair Market Rents; Cross Refined Coal LLC and USA Refined Coal LLC vs. the Commissioner of Internal Revenue; California A.B. 10
The Iowa Economic Development Authority (IEDA) announced $29.2 million in historic tax credit (HTC) awards July 8. Approximately $30 million was available during the registration round and IEDA received 19 applications for $51 million in credits. Projects were scored based on readiness, financing and local support and participation. Eight projects were registered with the IEDA to receive the credits.
Senate Finance Committee Tax Extenders Task Force Reports; IRS Guidance on Bonus Depreciation (Rev. Proc. 2019-33); California Budget Provisions for Affordable Housing; HUD Proposed Rule on Disparate Impact Standard; New Directors for California Tax Credit Allocation Committee and California Debt Limit Allocation Committee.
The Colorado Department of Revenue (CDOR) issued guidance June 12 to a taxpayer that was considering a project in a Colorado enterprise zone and that had been precertified to treat certain income tax credits as transferable tax credits. CDOR clarified for the taxpayer that the Enterprise Zone Investment Tax Credit and the Job Growth Incentive Tax Credit are allowed when all statutory qualifications are met. However, the taxpayer had not requested that CDOR apply the statute to its set of facts, so no determination was made whether the taxpayer would qualify for these credits. CDOR indicated that it will accept the Economic Development Commission’s value certification for purposes of auditing a taxpayers’ return, but CDOR retains all other authority to audit a return. Colorado General Information Letter No. PLR-19-001 was dated March 15.
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