Texas House Bill 2071 (the “Bill”), which took effect on June 18, 2023 to modify Chapter 303 of the Texas Local Government Code (the “Code”) with respect to the ownership of a multifamily residential development (a...more
On March 8, the Texas Office of the Attorney General (the “AG Office”) issued a legal opinion regarding the ability of a public facility corporation (“PFC”) formed by a municipal management district (“MMD”) to acquire...more
On October 19, 2018, the United States Department of Treasury (“Treasury”) released long-awaited pieces of guidance on the Opportunity Zones (“OZ”) program. The OZ program, which aims to incentivize investment in designated...more
10/25/2018
/ Capital Gains ,
Community Development ,
Economic Development ,
Internal Revenue Code (IRC) ,
Investment Funds ,
IRS ,
Opportunity Zones ,
Proposed Regulation ,
Qualified Opportunity Funds ,
Real Estate Development ,
Tax Deferral ,
U.S. Treasury
The Tax Cuts and Jobs Act added the Opportunity Zones concept as Section 1400Z to the Internal Revenue Code, which is designed to incentivize private investment in low income areas. That section of the Code allows the...more
On April 10, the Texas General Land Office (“GLO”) released a draft of the State of Texas Plan for Disaster Recovery: Hurricane Harvey – Round 1 (the “State Action Plan”). The State Action Plan outlines the GLO’s proposed use...more