On April 16, 2019, the Department of the Treasury (Treasury) published this Notice and Request for Information to seek public input on the development of public information collection and tracking related to investment in Qualified Opportunity Funds (QOFs). Section 13823 of the Tax Cuts and Jobs Act, Pub. L. 115-97, 131 Stat. 2054, 2184 (2017) (TCJA), […]
April 17, 2019, the Treasury Department released its second set of proposed regulations providing guidance on the Opportunity Zone (OZ) provisions of the Internal Revenue Service Code section 1400Z-2. The second set of proposed regulations address gains that may be deferred as a result of a taxpayer’s investment in a qualified opportunity fund (QOF), as […]
On April 5, the Department of the Treasury (Treasury) and Internal Revenue Service (IRS) issued their second quarter update to the 2018-2019 Priority Guidance Plan (PGP) which sets forth guidance priorities for the Treasury and the IRS based on public input and deregulatory policies. View Document […]
Read More… from IRS Second Quarter Update of 2018-2019 Priority Guidance Plan
The letter below, signed by 130 Members of Congress, requests support from the House Committee on Appropriations Subcommittee on Transportation, Housing and Urban Development, and Related Agencies to restore the HOME Investment Partnerships Program (HOME) with at least $1.5 billion for fiscal year (FY) 2020. View Letter […]
Read More… from House Dear Colleague Letter on FY 2020 HOME Funding
This letter was sent to Chairwoman Susan Collins and Ranking Member Jack Reed of the Senate Subcommittee on Transportation, Housing and Urban Development, and Related Agencies (THUD) in support of the HOME Investment Partnerships Program (HOME). […]
Read More… from Senate Dear Colleague on FY 2020 HOME Funding
On April 3, Senators Marco Rubio (R-FL) and Rick Scott (R-FL) introduced the Disaster Opportunity Zone Act, which would allow governors to nominate areas affected by 2018 hurricanes and California wildfires as opportunity zones (OZs). The legislation would allow California, Florida, Georgia, North Carolina, and South Carolina governors to select the greater of 25 or […]
Representative Mark Meadows (R-NC) introduced two bills that would expand the Opportunity Zone (OZ) tax incentive. H.R. 1851 would allow states and territories to designate new OZs, with the Treasury Department’s approval, every 10 years. The current legislation allows only an initial 10-year designation of OZs. H.R. 1852 would permit federally declared disaster areas to be added as OZs; Meadows […]
Read More… from Meadows Introduces Two Bills to Expand Opportunity Zones
On April 3, the Internal Revenue Service (IRS) issued Revenue Procedure 2019-17, which provides guidance regarding the general public use requirements for qualified residential rental projects financed with multifamily tax-exempt housing bonds. Specifically, the Rev. Proc. coordinates these requirements with the provisions in § 42(g)(9). Under § 42(g)(9), a project does not violate the general public […]
The letter below, from Senators Jeff Merkley (D-OR) and Robert Menendez (D-NJ), requests support from the Senate Subcommittee on Transportation, Housing, and Urban Development and Related Agencies to provide $12.8 billion for Project-Based Rental Assistance in FY 2020, in order to fund the renewal of existing contracts for a full 12-month term. Staff can contact […]
Read More… from Fiscal Year 2020 Project-Based Section 8 Rental Assistance Support Letter
