The Department of the Treasury and the Internal Revenue Service (IRS) released the final versions of Form 8996 – Qualified Opportunity Funds, 8996 instructions and Form 8997 – Initial and Annual Statement of Qualified Opportunity Fund Investments.
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The Inspector General of the U.S. Department of the Treasury launched an internal investigation on abuse in the Opportunity Zone program. Rich Delmar, the department’s acting inspector general, said in a statement he expects “to complete our work and respond to the congressional requesters in early spring.”Read More
The U.S. Department of the Treasury and Internal Revenue Service (IRS) issued final (and proposed) regulations on the Opportunity Zones (OZ) tax incentive. The regulations modify and finalize the two previous proposed regulations that were issued in October 2018 and April 2019. The Treasury notes that “the final rules provide clarity for Opportunity Funds and their eligible subsidiaries in determining qualification and levels of new investment in Opportunity Zones.”Read More
The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) released a Summary Report and data collected on New Markets Tax Credit (NMTC) investments across the nation through fiscal year (FY) 2017. Nearly 70 percent of NMTC investments made through 2017 have been concentrated in single/mixed-use real estate, health care and social assistance, manufacturing, and educational services.Read More
The Department of the Treasury and the Internal Revenue Service (IRS) released a proposed Form 8996 for Qualified Opportunity Funds (QOFs) for the 2019 tax year. The form is designed to collect information on the amount of investment by opportunity funds in business property by census tract.Read More
This American Banker article explores the remarks from President Trump at the recent National Association of Realtors event. “This is a pretty urgent problem. We’re doing well with it now… We have many geniuses looking at it and we’ll figure something out.”
At the Mortgage Bankers Association conference, Federal Housing Finance Agency (FHFA) Director Dr. Mark Calabria said “ while I’m committed to working with Congress, I’m not going to wait on Congress.”Read More
The Department of the Treasury and the Internal Revenue Service published final regulations that amend the compliance monitoring regulations concerning the low-income housing tax credit under section 42 of the Internal Revenue Code. These final regulations revise and clarify the requirement to conduct physical inspections and review low-income certifications and other documentation. The regulations are effective as of Feb. 26, 2019.
Seven Senators and nine members of the House of Representatives sent a letter to Treasury Secretary Steven Mnuchin in which they praise and raise concerns about Treasury’s proposed regulations. The signatories urge Sec. Mnuchin to address remaining questions on investments in operating businesses.Read More
The memo points out that much has changed since CRA was enacted over forty years ago. Since that time, the rise of interstate banking, mortgage securitization advancements, and internet/mobile banking along with many other changes, have created a need for modernizing CRA.Read More