NCSHA Comment Letter to IRS on Second Round of Proposed Regulations Implementing Opportunity Zone Tax Incentive
On July 1, 2019, NCSHA submitted comments to the Internal Revenue Service regarding the second tranche of IRS regulations related to implementation of the Opportunity Zone tax incentive.
On June 17, NCSHA submitted recommendations to HUD Secretary Ben Carson for how HUD can use its existing authorities to promote public and private investments in affordable housing and community development activities in Opportunity Zones (OZ) and other economically distressed areas.
On May 31, NCSHA sent a letter to the U.S. Department of the Treasury in response to its request for information on data collection and tracking for Qualified Opportunity Funds.
On May 31, NCSHA submitted official comments in response to the U.S. Department of the Treasury’s request for information on data collection and tracking for Qualified Opportunity Funds. In our comments, we urged Treasury to collect project-level data for each Opportunity Zone investment including the dollar amount of capital invested, geographic location, existing use prior to investment, primary purpose of investment, and number of jobs created.
This document reference the Opportunity Zone tax incentive as a powerful tool meant to bring private capital to undeserved communities.
The IRS Form 8996 is used to clarify that a corporation or partnership is a Qualified Opportunity Fund and to annually report whether the fund met the investment standard during its tax year.
This document contains a White House fact sheet on addressing geographic inequality by promoting investment in opportunity zones.
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).
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 well as special rules for an investment in a QOF helf by a taxpayer for at least 10 years.