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New Market Tax Credits

States Designate Opportunity Zones

by Pierce Atwood LLP on

The Tax Cuts and Jobs Act of 2017 created a new economic development program that encourages long-term investments in low-income areas, so-called “Opportunity Zones,” by offering tax deferral for capital gains reinvested in...more

7 Most Frequently Asked Questions About Opportunity Zones

by McNair Law Firm, P.A. on

Qualified Opportunity Zones were included as part of the Tax Cuts and Jobs Act which became law in December 2017. The zones were originally introduced as the Investing in Opportunity Act sponsored by South Carolina Senator...more

IRS Allows Self-Certification of Qualified Opportunity Funds

by Ballard Spahr LLP on

The IRS released Opportunity Zone FAQs on April 24 explaining that an eligible entity will be able to self-certify to become a Qualified Opportunity Fund (QOF) by filing a form (to be released this summer) with its timely...more

New Tax Program Incentivizes Long-Term Investment in Distressed Areas

by Polsinelli on

As part of the major tax reform bill passed in December, the Tax Cuts and Jobs Act of 2017, Congress created a new program to promote long-term investments in low-income areas by providing the opportunity for taxpayers to...more

IRS Announces First Wave of Opportunity Zone Designations

by Ballard Spahr LLP on

The IRS inaugurated an exciting new community redevelopment program on April 9 and April 18 when it designated more than 4,800 Qualified Opportunity Zones (QOZs) in 20 states, three possessions, and Puerto Rico....more

Treasury and IRS announce designation of Opportunity Zones for 18 States

by Dickinson Wright on

The Tax Cut and Jobs Act of 2017 (TCJA) established a new economic development incentive, known as an “Opportunity Zone”. ...more

Ohio recommends Opportunity Zones for federal tax breaks

by Bricker & Eckler LLP on

The recently passed Tax Cuts and Jobs Act of 2017 created an opportunity for states “to identify up to 25% of low-income, high-poverty census tracts” for consideration for federal tax breaks for economic development,...more

The Opportunity Zone Program: Treasury Designates Opportunity Zones in Three Territories and 15 States, including Arizona,...

by Snell & Wilmer on

On April 9th, the U.S. Treasury Department designated Opportunity Zones in three territories and 15 states, including Arizona, California and Colorado....more

U.S. Department of the Treasury Designates Specific Census Tracts as Qualified Opportunity Zones

by Butler Snow LLP on

Today the U.S. Department of the Treasury certified specific census tracts nominated by Mississippi Governor Phil Bryant and designated such census tracts as Qualified Opportunity Zones....more

Gov. Ivey Nominates 158 Census Tracts as Alabama Opportunity Zones

Wednesday, Gov. Kay Ivey designated 158 qualifying low-income or distressed census tracts within Alabama as Opportunity Zones (OZ) under the new OZ program created by the Tax Cuts and Jobs Act, which defers and potentially...more

Tax Cuts and Jobs Act Retains Most Real Estate Incentives

by Varnum LLP on

Early drafts of President Trump's tax plans threatened to eliminate or substantially reduce key federal incentive programs that promote real estate development. ...more

Treasury Expands “Safe Harbor” List of Opportunity Zones

by Ballard Spahr LLP on

The new tax law, known as the Tax Cuts and Jobs Act, allows states, the District of Columbia, U.S. possessions, and Puerto Rico to designate “Qualified Opportunity Zones” to encourage new capital investment in low-income...more

Permanent or Temporary Deferral of Tax on Gains: Opportunity Zones

by Ballard Spahr LLP on

The new tax law, known as the Tax Cuts and Jobs Act, allows states, the District of Columbia, U.S. possessions, and Puerto Rico to designate Qualified Opportunity Zones to encourage new capital investment in low income census...more

Opportunity Zones: Economic Development And Tax Deferral

by Pierce Atwood LLP on

The Tax Cuts and Jobs Act of 2017 created a significant—and little-discussed—economic development program that encourages long-term investments in so-called “Opportunity Zones” by offering temporary tax deferral for capital...more

New Opportunity: Make Sure Your Communities Are Included

by Butler Snow LLP on

The 2017 Tax Cuts and Jobs Act, enacted December 22, 2017, offers a new tax incentive for the benefit of low-income communities with the creation of qualified opportunity zones. It is anticipated that the qualified...more

Nomination Portal for Opportunity Zone Designations Now Open

by Butler Snow LLP on

The Tax Cuts and Jobs Act of 2017 established Opportunity Zones as a new tool for community development which provides tax incentives to help unlock investor capital to fund businesses in underserved communities. Pursuant to...more

A Primer on the New Federal Qualified Opportunity Zone Provisions*

by Butler Snow LLP on

For many years, the Internal Revenue Code has provided various incentives aimed at encouraging economic development and investments in low-income and/or distressed communities by providing certain tax benefits to businesses...more

Opportunity Zones: Tax Reform’s New Economic Development Tool

by Balch & Bingham LLP on

The Tax Cuts and Jobs Act (Pub. L. 115-97, referred to herein as the “Act”) provides new incentives for investing in certain low-income communities called “Opportunity Zones.” This briefing provides an overview of the new...more

States Must Act Now on Opportunity Zone Tax Incentives That Target Low-Income Communities

by Ballard Spahr LLP on

The IRS and the Community Development Financial Institutions Fund (CDFI Fund) simultaneously released guidance last week on the procedure for designating population census tracts as Qualified Opportunity Zones (QOZ)....more

Tax Reform's New Incentives for Investments in Low-Income Communities: Part 2

by Holland & Knight LLP on

• Part 1 of this series of Holland & Knight alerts described a new tax incentive contained in the Tax Cuts and Jobs Act for investments in low-income communities designated as "Opportunity Zones." Part 1 also explained the...more

Tax Reform's New Incentives for Investments in Low-Income Communities: Part 1 - State Governors Given Responsibility for...

by Holland & Knight LLP on

• A new tax incentive in the recently enacted Tax Cuts and Jobs Act would allow investors selling appreciated securities or other investment property to defer tax on those gains to the extent that the proceeds are reinvested...more

From Red to Black: Using Tax Credit Programs to Complete the Project

Similar to other industries in today’s economy, our contractor and developer clients deal in a highly competitive marketplace. As contractors and developers seek opportunities to expand business, they should consider some...more

House Tax Bill Eliminates Private Activity Bonds, Advance Refundings

by Sherman & Howard L.L.C. on

The House Ways and Means Committee released on November 2, 2017, its draft tax bill (the “Tax Cuts and Jobs Act”), which contains provisions restricting the ability of state and local governments to issue certain types of...more

New Markets Tax Credits – the Best Kept Secret in Financing Public Projects

by Best Best & Krieger LLP on

Right before Thanksgiving 2016, the federal government announced the release of $7 billion of tax credits aimed at spurring private equity investment into projects in low income communities. Administered through the U.S....more

Programs to bring investment capital to rural communities

by Butler Snow LLP on

The United States Department of Agriculture (“USDA”) offers a variety of loan programs designed to spur investment in rural communities located throughout the United States of America. These loans are available to...more

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