Two organizations submitted letters concerning the Treasury Department’s ongoing review of proposed guidance for opportunity zones (OZs). Commerce officials from 12 states made a series of recommendations for OZ guidance, including a grace period for opportunity funds before being subjected to the 90 percent qualified property allocation test and the definition of “substantial improvement” of qualified OZ business property.
Rep. Mark Meadows, R-N.C., introduced legislation today to allow for the designation of opportunity zones (OZs) every 10 years, effectively perpetually renewing the OZ incentive that was part of tax reform legislation. H.R. 6890, the Creating Advancement and Personal Improvement in Targeted American Localities (CAPITAL) Act of 2018 was assigned to the House Ways and Means Committee.
Rep. Jenniffer Gonzalez-Colon, R, Puerto Rico, introduced legislation to provide a federal tax credit for certain business expenses in census tracts that meet one of three definitions for an economically distressed zone and are designated as such by local or state government. H.R.
The Office of Information and Regulatory Affairs (OIRA), a division of the White House Office Management of the Budget (OMB), on Wednesday received regulatory guidance for review from the Internal Revenue Service (IRS) concerning the opportunity zones incentive. A proposed rule from the IRS is expected to clarify several issues for investors in the new incentive.
The National Association of Home Builders and eight other national organizations on Monday asked acting Internal Revenue Service Commissioner David Kautter to issue guidance on issues facing potential investors in the federal opportunity zones initiative. Their letter specifically seeks a definition of qualified investments, a clarification of the oversight process for investment funds and clarification of several teams in the statute.