News — page 6
GTIS Partners Announces OZ Joint Venture in Goodyear, Arizona
Last week, Wilmington, Delaware-based Second Chances Farm announced their second Opportunity Zone location. Their expansion into the Philadelphia market enables the indoor vertical farm startup to continue its social mission of en
$1 Million Investment from Erie Insurance Brings Growth to Opportunity Zone Business
The IRS recently confirmed the boundaries of the Opportunity Zones were established at the time they were designated and not subject to change due to the 2020 Census. The OZ marketplace had eagerly awaited guidance on this critical issue. T
Industrial Development Coming to Mesa, Arizona Opportunity Zone
Last week, Los Angeles-based development firm Banyan Residential, in partnership with Indianapolis-based firm, Milhaus, broke ground on Banyan Beckley, a $59 million multifamily development within a Dallas, Texas Opportunity Zone. Located j
Hoosier Solar Holdings Developing Solar Power Facilities in Indiana Opportunity Zones
Last week, Hoosier Solar Holdings, LLC, an Indiana-based energy company, announced plans to develop solar power facilities within Indiana Opportunity Zones. Hoosier Solar plans to involve local school groups and universities by providing jo
Construction Underway for Multifamily Development in North Tempe, Arizona Opportunity Zone
In contrast to New York where legislators are making their state less attractive for Opportunity Zone investment and investors , Alabama’s legislators are doing just the opposite. This week, the Alabama House of Representatives passed
New York State Decouples from Opportunity Zone Tax Incentive
This week, the New York state $212 billion budget passed by lawmakers included a provision decoupling the state and New York City tax codes from the federal Opportunity Zone tax incentive. Given New York’s budget issues, many thin
Yard 56 Opens in Baltimore, Maryland Opportunity Zone
Baltimore-based developer and MCB Real Estate President, David Bramble, opened Yard 56 earlier this week, a mixed-use project seven years in the making. The project utilized environmental tax credits, New Market tax credits, and Opportunity
Opportunity Zone Firms Combining Cryptocurrency, Blockchain, and OZs
Will the Opportunity Zone tax incentive be extended? Congressmen Tim Burchett (R-TN) and Henry Cuellar (D-TX) hope so, and early this year co-sponsored and introduced the Opportunity Zone Extension Act of 2021 . To promote the bill and anno
Two New Hotels Open Their Doors in Opportunity Zones
This week, two new hotels opened their doors in Opportunity Zones. Hyatt House extended-stay hotel opened for business in downtown Rochester, Minnesota just steps from the Mayo Clinic. The hotel appears to be Rochester’s first Opportunity Z
New IRS Notice Extends Several Opportunity Zone Deadlines
Taxpayers who recognized a gain in 2019 may now have until March 31, 2021 to invest in a Qualified Opportunity Fund, according to a new notice issued by the IRS. On the evening of January 19, IRS issued Notice 2021-10 , which automatically
The Most Popular OZ Podcast Episodes of 2020
The Opportunity Zones Podcast will return next week with new episodes for 2021. But in the meantime, here are the most popular episodes of the show in 2020 (presented in reverse chronological order). Highlights include interviews with Oppor
White House estimate: $75 billion raised by Opportunity Zone funds thru 2019
In a report released earlier this week, the White House Council of Economic Advisers estimated that $75 billion of private capital has been raised by Qualified Opportunity Funds as of the end of 2019. The CEA used data from the SEC and Novo
White House OZ Council Issues Opportunity Zones Best Practices Report
The White House Opportunity and Revitalization Council (WHORC) has delivered their Opportunity Zones Best Practices Report to the President. Listen to WHORC executive director Scott Turner on the Opportunity Zones Podcast . The Council's re
New IRS Notice: Opportunity Zone Investors' 180-Day Deadline Extended to December 31, 2020
Taxpayers who recognized a gain in 2019 may have until December 31, 2020 to invest in an Opportunity Zone fund, according to a new notice issued by the IRS yesterday. Update 6/8/20: I made a podcast episode about this topic. Click here to l
Opportunity Zone stakeholders are invited to respond to this EIG survey
Your response is requested for a national survey of Opportunity Zones stakeholders. The Economic Innovation Group is conducting the survey to gain insights on current market activity, investor behavior, and factors that may shape the OZ eco
Opportunity Zone funds have raised more than $10 billion, exceeding expectations
Opportunity Zone funds have raised $10.09 billion as of the end of April, according to a survey conducted by accounting firm Novogradac. This total represents a 50 percent increase over the $6.72 billion that the firm reported near the begi
IRS deadline extended for some Opportunity Zone investors
The IRS has extended the investment deadline for Qualified Opportunity Fund investors whose 180-day deadline falls between April 1 and July 15. The investment deadline for these individuals has been automatically extended to July 15, 2020.
Democratic Presidential Candidates Positions on Opportunity Zones
On the eve of Super Tuesday, where does each Democratic Presidential candidate stand on Opportunity Zones? Federal Opportunity Zones legislation initially had broad bipartisan, bicameral support . Eventually, it was packaged as part of Pres
The 2 Hidden Benefits of Opportunity Zone Investing
Opportunity Zone investing offers two little-known hidden benefits that almost no one talks about. First, let's review the three main tax benefits: When you roll over capital gains into a Qualified Opportunity Fund within 180 days, you are
Erie, OPAL, SoLa, Four Points Win Forbes OZ 20 Grand Prizes
The Opportunity Zone Catalyst Grand Prize Winners of the Forbes OZ 20 were announced earlier today at Sorenson Impact Center's Winter Innovation Summit in Salt Lake City, UT. The City of Erie and Opportunity Alabama emerged as the top two C
IRS Issues Final Regulations on Opportunity Zones
The long wait is over. IRS has issued final regulations on Qualified Opportunity Funds, nearly two years after the Opportunity Zone initiative was enacted into law as part of the 2017 Tax Cuts & Jobs Act. Click here to read the complete
OIRA Concludes Review of IRS Opportunity Zone Regulations
The Office of Information and Regulatory Affairs (OIRA) is reporting that its review of the final IRS regulations on Qualified Opportunity Funds has concluded. According to OIRA's website, the review concluded on December 17 (RIN #1545-BP04
IRS Submits Final Opportunity Zones Regulations to OIRA for Review
The IRS has completed final regulations on Qualified Opportunity Funds and has sent them to the White House for review. The final set of regulations will merge and clean up the first and second tranches of proposed guidance. The final versi
Key Dates & Deadlines for Opportunity Zone Investing
As 2019 winds down and the full benefit of the Opportunity Zones tax incentive expires, here are some key dates for investing in Opportunity Zones—past and future. Note: as IRS regulations are not yet finalized, these dates are subject to c