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Opportunity Zones Update Newsletter - November 20, 2018

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CDFA Opportunity Zones Update
November 20, 2018
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Opportunity Zones Update Newsletter


Synopsis of Proposed Opportunity Zones Regulations
The U.S. Treasury Department has issued proposed regulations relating to the Opportunity Fund rules contained in Section 1400Z-2 of the Internal Revenue Code. The Proposed Regulations provide guidance in a number of important areas, including some where the lack of clarity had dissuaded taxpayers from investing in Funds.

Can Trump's Tax Break Turn Distressed Areas Into 'Opportunity Zones'?
Unusually ambitious projects around the country are moving forward because of their place in Opportunity Zones. Nationally, there are over 8,700 such census tracts, nominated by states for their combination of economic distress and growth potential and approved by the U.S. Treasury Department and IRS earlier this year.

Leveraging Opportunity Zones to Improve Returns on Energy Investments
The Opportunity Zones incentive provides attractive tax benefits for investors with capital gains that, unlike other federal incentive programs, can be combined with the Investment Tax Credit ("ITC") and Production Tax Credit ("PTC") for facilities located in geographic areas that are designated as Opportunity Zones. 

Amazon's NY Home Qualifies as ‘Distressed' Under Federal Tax Law
In the eyes of the federal government, the census tract that will house Amazon's new headquarters in New York is an "opportunity zone," eligible for tax credits meant to spur investment in low-income communities.

Crowdfunding and Opportunity Zones Joining Forces in Philadelphia, PA Project
The complex financing structure will take advantage of New Markets Tax Credits, a small portion of equity offered through the crowdfunding service Small Change, and capital raised through the new Opportunity Zones tax incentive created as part of the Tax Cuts and Jobs Act passed at the end of 2017.

VCs Hit Snag in Proposed Opportunity Zones Regulations
The recently proposed Opportunity Zones guidelines require that businesses generate at least half their gross income within an Opportunity Zone. According to various investors and venture capitalists, the 50 percent requirement will hurt high-growth startups.

How AL Plans to Take Advantage of Opportunity Zones
Opportunity Alabama will serve as an intermediary to facilitate investor access to all potential projects in Alabama's 158 opportunity zones. "We're working with every project that comes through the door, whether that be a five-star hotel or a community facility providing daycare services in a super rural area," Alex Flachsbart says.

Opportunity Zones Expected to Unleash Wave of Private Capital Investment
The finances of local governments around the U.S. and its territories will soon benefit from a wave of private capital investment following the release of the Internal Revenue Service's proposed regulations for Opportunity Zones. Municipalities are considering bonds as a way to attract capital investment to economically distressed areas.

Upcoming Events
Intro Property Assessed Clean Energy (PACE) WebCourse

CDFA - PFM Capital Markets Webinar Series - The Capital Markets Today
November 28, 2018 - 2:00 - 3:30 PM Eastern
Understanding market forces at play in the capital markets is essential to successfully operating a bond financing program. Whether you issue one bond a year or hundreds in multiple categories, it's important to follow the conversation among economists and analysts as they evaluate monetary policy, changes in the capital markets, and movements in stock market indices. What about that flattening yield curve? And will tariffs affect the markets? This webinar will share insights on today's capital market, including insight and the role rating agencies play in the capital market. 

Opportunity Zones Headlines

Opportunity Zones Program Offers Tax Incentive for Investors
Journal Advocate | Nov. 19 | Opportunity Zones

The Biggest Tax Cut You've Never Heard of
The Economist | Nov. 19 | Opportunity Zones

Grant Thornton to Host Opportunity Zones Webinar
Grant Thornton | Nov. 19 | Opportunity Zones

Governor Carney Announces Interactive Website for DE Opportunity Zones Initiative
Office of the Governor of Delaware | Nov. 16 | Opportunity Zones

SC Governor's Opportunity Zones Summit Scheduled for January 25
Opportunity SC | Nov. 15 | Opportunity Zones

Opportunity Zones – Giving CRA Credit Where Credit is Due
Novogradac & Co | Nov. 13 | Opportunity Zones

Don't Rob 'Opportunity Zones' of Their Full Potential
The Hill | Nov. 9 | Opportunity Zones

How To Generate Tax Savings By Making Impact Investments In Opportunity Zones
Forbes | Oct. 31 | Opportunity Zones

Somera Road Trying to Raise $500M for Opportunity Zones
The Real Deal | Oct. 31 | Opportunity Zones

Much-Awaited Guidelines Opening the Opportunity Zones Floodgates
Next City | Oct. 30 | Opportunity Zones

IRS Proposes Regulations for Opportunity Zones Tax Incentive
Clark Schaefer Hackett | Oct. 30 | Federal | Opportunity Zones

Opportunity Zones: A $100B Investment for the Clean Economy?
GreenBiz | Oct. 23 | Energy Finance | Green Finance | Opportunity Zones

Opportunity Zones: Making Them Work for MN
North Star Policy Institute | Oct. 22 | Opportunity Zones

Knox Law Outlines the Five Phases of Opportunity Zones Development
Knox Law | Oct. 18 | Opportunity Zones

The Council of Development Finance Agencies (CDFA) is a national association dedicated to the advancement of development finance concerns and interests. CDFA is comprised of the nation's leading and most knowledgeable members of the development finance community representing public, private and non-profit entities alike. For more information, visit www.CDFA.net or email info@cdfa.net.

Council of Development Finance Agencies
100 E. Broad Street, Suite 1200
Columbus, OH 43215
(614) 705-1300


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