CA does NOT elect to conform to Federal Opportunity Zone program for CA property

Sept. 12, 2019—The California state legislature adjourns tomorrow for the rest of 2019 without considering opportunity zones (OZ) state conformity legislation.

While 38 other states have followed federal form and allow for the waiver/elimination of capital gains on the sale of qualified property after 10 years in those states, California is NOT one of them.

The deadline to introduce legislation for consideration in the 2019 legislature was Sept. 10.

The next chance for the California state legislature to address OZ conformity will be when it reconvenes in January 2020.

If you have any OZ questions or comments, please let us know. bamolotsky@duanemorris.com

New Markets Tax Credits – Application process and key dates announced by the CDFI

Earlier today, September 4, 2019, the Community Development Financial Institutions (CDFI) Fund announced the opening of the calendar year 2019 allocation round of the new markets tax credit (NMTC).

For those who participate in the New Markets arena, applications are due Oct. 28, 2019.

The CDFI Fund anticipates announcing 2019 NMTC awards in summer 2020.

If of interest to you, the NMTC program application, a notice of allocation availability, an introduction to the NMTC program, an Awards Management Information navigation guide, a frequently asked questions guide, and an application road map presentation are all available on line.

Copies of these materials can be found at www.newmarketscredits.com. If you have any questions, please do not hesitate to call or contact us – bamolotsky@duanemorris.com

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The opinions expressed on this blog are those of the author and are not to be construed as legal advice.

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