News — page 7
OZ Criticisms and How to Strengthen Local Communities (Weekly News Roundup)
Here are five of the most intriguing Opportunity Zones articles from the past week or so. Several articles, notably the big New York Times piece from August 31, were critical of the OZ program and how little it has helped low-income communi
SEC, NASAA issue staff guidance on Opportunity Zone investing
The staffs of the Securities and Exchange Commission and the North American Securities Administrators Association (NASAA) have issued preliminary guidance on how Qualified Opportunity Fund (QOF) investing may be subject to securities law. T
Complete recap of the July 9 IRS public hearing on Opportunity Zones
On Tuesday, July 9, approximately 100 people attended the auditorium at the IRS New Carrollton Federal Building just outside of Washington DC as 19 groups of Opportunity Zone stakeholders testified during the public hearing on proposed regu
Full audio recording of the July 9 IRS hearing on Qualified Opportunity Funds
On Tuesday, July 9, the IRS hosted a public hearing on the second tranche of proposed regulations on Investing in Qualified Opportunity Funds [REG-120186-18]. The hearing took place at the IRS New Carrollton Federal Building just outside of
IRS hearing on Qualified Opportunity Funds is next week
Today, July 1, is the final day to submit a public written comment to the IRS ahead of next week's hearing on Qualified Opportunity Funds. Click here to listen to the live stream of the IRS hearing on July 9 . The IRS received 178 written c
Puerto Rico passes Opportunity Zones regulatory bill
Puerto Rico Governor Ricardo Rosselló signed the Puerto Rico Opportunity Zones Development Act last week. The bill creates the regulatory framework for investing in Opportunity Zones on the island and establishes conformity with the federal
HUD announces new FHA incentives for multifamily OZ properties
Last Thursday, May 9 at the SALT Conference in Las Vegas, Department of Housing and Urban Development Secretary Ben Carson announced two new Federal Housing Administration incentives for multifamily properties located in Opportunity Zones.
New Senate bill would require Treasury to publish OZ data annually
Senators Tim Scott (R-SC) and Cory Booker (D-NJ) are co-sponsors of the new OZ reporting bill. Senate Bill 1344 would require the Treasury Department to collect data and issue a report on the effectiveness of the Opportunity Zones tax polic
New regs post to Federal Register; commenting period is now open
The second tranche of IRS regulatory guidance on Qualified Opportunity Funds was released last month . This morning, it was posted to the Federal Register . Public comments on the proposed rules can be submitted at Regulations.gov . Comment
The best OZ regs recaps from around the Web
It's been one week since the IRS released the second tranche of regulatory guidance on Qualified Opportunity Funds . This guidance is a huge step in the right direction in terms of clarifying the biggest questions that OZ participants had f
IRS releases second tranche of opportunity zones guidance
The long-awaited second tranche of regulations on Investing in Qualified Opportunity Funds has been approved by OIRA and is now available for public comment. Click here to read the new regulations. The 169-page regulatory document is more t
Treasury official answers questions on Opportunity Zones regulations
On March 12, the second tranche of IRS regulatory guidance on Qualified Opportunity Funds was submitted to the Office of Information and Regulatory Affairs. OIRA is a branch of the White House’s Office of Management and Budget. While the fi
Kresge Foundation awards grants to 2 OZ funds
The Kresge Foundation today announced that it is committing $22 million to Opportunity Zone funds offered by Arctaris and Community Capital Management. In June of last year, Kresge—in partnership with the Rockefeller Foundation—announced an
Boulder, CO taps breaks on Opportunity Zones development
The city of Boulder, Colorado has seemingly been wary of the federal Opportunity Zones tax incentive since the very beginning. Only one of 12 eligible census tracts within the city was recommended to state leaders. And now, that one opportu
IRS submits OZ guidance to OIRA for review
Following last month's hearing on Qualified Opportunity Funds , the IRS has completed its second tranche of regulatory guidance. Yesterday, the proposed rules were submitted to the Office of Information and Regulatory Affairs for review. OI
Recap of Feb 14 IRS public hearing on Opportunity Zones
This past Thursday, February 14, the IRS Auditorium in Washington DC was packed to capacity with over 200 attendees as stakeholders spoke during the public hearing on proposed regulations: “Investing in Qualified Opportunity Funds” [ REG-11
IRS hearing on opportunity zones scheduled for tomorrow
The IRS will hold a public hearing tomorrow, February 14 at 10:00 a.m. EST, to focus on proposed regulations regarding qualified opportunity zone funds. The hearing will take place in the auditorium of the IRS Building located at 1111 Const
These 18 NFL stadium neighborhoods are eligible for the Opportunity Zones tax break
Introduced in December 2017 as part of President Trump's Tax Cuts & Jobs Act, the Opportunity Zones program incentivizes real estate and business investments in certain low-income communities throughout the country by providing investor
Amazon will not use Opportunity Zone tax break for HQ2
Amazon had been criticized for locating their HQ2 in an opportunity zone in Queens, New York. As it turns out, they will not be taking advantage of the tax break after all. From Bloomberg: “We will not be using the opportunity zone on this
Senators and Congressmen send OZ letter to Treasury, soliciting clarification
Last week, Senator Tim Scott (R-SC)—along with 15 other Senators and Congressmen—sent a letter to Treasury Secretary Steven Mnuchin, seeking clarification on several matters related to the Opportunity Zones tax policy, specifically in regar
Who's investing in OZs? So far, mostly wealthy individuals
Manager interest in launching qualified opportunity zone funds is sky high, but most are still waiting to hear more regulatory clarity from the IRS. Thus far, most of the managers that have launched OZ funds are relatively small private wea
Puerto Rico gets two more opportunity zones
Two additional census tracts in Puerto Rico have been designated as Opportunity Zones by the Treasury Department. The two tracts—72119130102, located in Rio Grande, and 72137122002 located in Toa Baja—meet the statutory criteria for a Low-I
Trump creates opportunity zones council with executive order
Today, President Trump signed Executive Order 13853, promoting public commitment to the opportunity zones program enacted last December as part of the Tax Cuts and Jobs Act of 2017. The executive order establishes the White House Opportunit
Accountants: Taxpayer uncertainty is hindering investment in opportunity zones
A working group of accountants formed by Novogradac sent a letter to the U.S. Treasury last month, requesting further clarification in the wake of the proposed regulations ( IRS REG-115420-18 ) published in October. In part, the letter stat