News & Analysis as of

Public Finance

Opportunity Zones in Alabama (and 19 Other States) Certified by Treasury Department - What Happens Next?

by Balch & Bingham LLP on

On April 18, the Treasury Department certified the list of 158 Opportunity Zones submitted by Governor Kay Ivey on March 21, 2018. This certification marks the last step in the Opportunity Zone selection process and means...more

New IRS Revenue Procedure Expands the Range of Remedial Measures for Nonqualified Uses

by Sherman & Howard L.L.C. on

On April 11, 2018, the Internal Revenue Service published Revenue Procedure 2018-26 ("Rev. Proc. 2018-26") which sets forth new remedial measures that issuers may utilize to preserve the tax-exempt or tax-advantaged status of...more

Legislation Creating Opportunity Zones Offers Significant Tax Benefits — An Overview

by Sullivan & Worcester on

Recent federal tax legislation introduced "Opportunity Zones," a new community reinvestment tool designed to use tax incentives to drive long-term investment to rural and low-income urban communities throughout the nation....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

A New Tool For Economic Development: Opportunity Zones

by Roetzel & Andress on

The recently enacted Tax Cuts and Jobs Act of 2017 created the “Opportunity Zone Program” aimed at driving private investment to rural and urban low-income communities. The goal of the program is to spur business,...more

Ransomware Attacks for Local Governments and Public Agencies: A Primer

The recent ransomware attack on the City of Atlanta highlights the fact that the threat of ransomware affects all organizations, regardless of the nature of their industry, business, or operations, and that political...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

Proposition 13 Ballot Initiative Qualifies for Signature Gathering

Proponents of The California Schools and Local Communities Funding Act of 2018 have received clearance from the California Attorney General to gather signatures in support of a ballot initiative to revoke Proposition 13...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

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 Issues When Fixing Rate and Fee Adjusters in Tax-Exempt Loans

The recently enacted reduction of the maximum federal corporate tax rate may trigger contractual provisions that provide for a significant increase in the interest rate on tax-exempt debt privately placed with a bank lender...more

Infrastructure Investment Is Republicans' 2018 Priority

by Hogan Lovells on

Congress has returned from the holiday recess with renewed focus on passing a major infrastructure package in 2018. Passage of a massive tax reform bill punctuated the president's first year in office with a major victory,...more

JEDDs face new reporting rule promulgated by the Ohio Department of Taxation

by Bricker & Eckler LLP on

A new state rule requires joint economic development districts (JEDDs) to report and file certain information with the Ohio Tax Commissioner by February 12, 2018. Communities that have used JEDDs to support economic...more

The Tax Reform Roller Coaster Ends – Summary of Provisions Affecting Public Finance

by Bracewell LLP on

On December 22, 2017, the President signed the Tax Cuts and Jobs Act (the “Final Bill”) into law, bringing an end to the nearly two-month rollercoaster ride that had the public finance industry white-knuckled and a little...more

UPDATE: President Trump Signs Tax Reform Legislation Into Law Early

by Ballard Spahr LLP on

On December 22, 2017, President Donald Trump signed into law the most far-reaching tax reform legislation in a generation after Congress approved a short-term spending bill on Thursday, which will keep the government funded...more

Tax Cuts & Jobs Act – Impact on Bonds

by Butler Snow LLP on

The U.S. House and Senate have now each passed the Tax Cuts and Jobs Act (H.R.1) and have sent the bill to President Trump’s desk for final passage. The final bill is expected to cost nearly $1.5 trillion over the next ten...more

GOP Tax Overhaul Saves Private Activity Bonds and Stadium Bonds, Eliminates Advance Refundings and Tax Credit Bonds

by Ballard Spahr LLP on

Participants in the municipal bond market are breathing easier after Congress passed sweeping changes to the American tax code without provisions under an earlier House bill that would have eliminated approximately 25% of the...more

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