456). OpportunityZone.com: What the Opportunity Zones Extension ... Notice 2021-10 provides a number of extensions related to Opportunity Zone investments. New IRS Deadlines for Opportunity Zones: What Investors ... Consolidated Appropriations Act, 2021 (P.L. Qualified Opportunity Zones: What Investors Should Know ... Investing in a Qualified Opportunity Zone in 2021 As stated above, the combined application of the "five-year, 10% basis increase" and the "seven-year, 5% basis increase" necessitate that a taxpayer's gain be triggered and a subsequent Qualified Opportunity Zone investment all must occur prior to the end of 2019. The opportunity zone program was created through the passage of tax reform in 2017, also known as the Tax Cuts and Jobs Act (P.L. The legislation would extend the program another two years -- until 2028. Current Funding Opportunities | Department of Energy Despite this, it's a topic that's on many investors' minds these days, especially with the House considering the Opportunity Zones Extension Act. PA HB952 | 2021-2022 | Regular Session | LegiScan 115-97, added Secs. Created by the 2017 tax . 1400Z-1). The §1394 empowerment zone tax-exempt bonds and §1396 empowerment zone employment credit will expire on Dec. But potential tax policy changes have been proposed that could affect opportunity zone investments and potentially make them more . o The Department of Community and Economic Development may grant a five-year extension for a Keystone Opportunity Zone located within a county of the . Federal Infrastructure Bill (recently adobted November 10, 2021) Careers eNotification Disclaimer ADRC Contact By Email Administration Building • 127 East Oak St., Juneau, WI 53039 • General County Information: (920) 386-3600 Regular Session 2021-2022House Bill 952. The Microloan Transparency and Accountability Act of 2021 has three Republicans and two Democrats on board. In Notice 2020-39, the IRS extended some deadlines for investing in qualified opportunity funds (QOF) and relaxed some investment requirements to make it easier for QOF investors to deal with the coronavirus pandemic.. 1st Session. Editor's note: To receive free continuing education credit for reading this story, please see: Continuing Education credit — August 2020. Amendment: That the bill from the House of Representatives (H.R. However, it's still unclear when an extension of less than 24 months will apply. The Tax Cuts and Jobs Act created the Opportunity Zones program to spur investment in economically distressed census tracts. Opportunity Zone Tax Deduction Reform Act of 2021: Senator Rosapepe: 2: 1: In the Senate - Hearing 1/26 at 1:00 p.m. Budget and Taxation 1/26/2021 - 1:00 PM: SB0119 /CH0694 (HB0507/CH0695) Clean Water Commerce Act of 2021: Senator Guzzone: 2: 1 Extensions of COVID-19 Relief for Opportunity Zone Funds Saturday, January 23, 2021 In IRS Notice 2021-10 (the New Notice), the IRS granted relief to Opportunity Zone Funds because of the COVID-19. The extension of the limit on excess business interest deductions for one year is estimated . JUNE 30, 2021 Extension of 31-Month Working Capital Period No more than five percent of the average of the aggregate unadjusted tax bases of the property of a qualified opportunity zone business. participants covered by the plan on March 31, 2021, is at least 80% of the number covered on March 13, 2020. Investing in an opportunity zone before this deadline means you have more time to receive the potential tax benefits. Their purpose is to spur economic growth and job creation in low-income communities while providing tax benefits to investors. 1400Z-1 and -2 to encourage investment in economically depressed areas. Housing agencies that did not previously receive an award because they did not meet the eligibility requirements, did not meet the . The new deadline is 5 pm of the PHA's time zone on Dec. 21, 2021. Introduction. These laws extended nine temporary tax provisions that had expired at the end of . The Growth and Opportunities Act, a piece of legislation introduced by Congresswoman Michelle Steel, R-Calif., in April of this year, seeks to extend the opportunity zone program beyond 2026 by re . Notice 2021-10 further revised this extension, granting up to an additional 12 months for reinvestment periods that include June 30, 2020, so long as the reinvestment of the proceeds is done in the manner originally intended before June 30, 2020. Extensions of Federal Employee Hiring Credits. Strike all after the enacting clause and insert the following: 970 - Opportunity Zone Extension Act of 2021. An Act amending the act of March 4, 1971 (P.L.6, No.2), known as the Tax Reform Code of 1971, in sales and use tax, further providing for exclusions from tax; in personal income tax, further providing for classes of income, for withholding tax requirement for nonemployer payors, for information statement for nonemployer payors and for . Funding Opportunities. Current funding opportunities from federal agencies and other entities for tribal energy projects development and deployment. Barring an act of Congress, this means that the 10% discount will no longer be available for QOF investments made after 2021. Economically-distressed census tracts, designated as Opportunity Zones under the Tax Cuts and Jobs Act of 2017, provide an incentivized avenue for taxpayers to contribute to long-term economic growth in underserved areas. 3684) entitled An Act to authorize funds for Federal-aid highways, highway safety programs, and transit programs, and for other purposes., do pass with the following. On Friday, the Treasury Department released new regulations on the Opportunity Zones program—an investment tool established by 2017's Tax Cuts and Jobs Act—that will allow investors to defer and eliminate capital gains taxes on gains from investments in economically-distressed localities.. Illinois houses 327 federally recognized Opportunity Zones (OZ) throughout the state in both urban and rural areas. Proc. April 1, 2021: In Facebook Inc. v. Duguid, the U.S. Supreme Court unanimously ruled that the definition of an "automatic telephone dialing system" (ATDS) under the Telephone Consumer Protection Act requires a device that must have the capacity to either store or to produce a telephone number using a random or sequential number generator . This deadline will likely make this year a watermark for opportunity zone investment. The waiver of penalties associated with a QOF's failure to qualify in 2020 and the first half of 2021 may mitigate lost Opportunity Zone benefits caused by the pandemic. The first true legislative test to the staying power of the Opportunity Zone program under the new Democratic-controlled Congress is H.R. Extension of certain employment-related tax extenders that were set to expire on December 31, 2020. Every year Congress passes a package of legislation referred to as the tax extenders, and this year is no different. The law known at the Tax Cuts and Jobs Act, P.L. Mar 25 - Rev. 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