There are a number of provisions in the new Coronavirus Stimulus package that affect the methods for depreciation of real estate assets for tax purposes — and these changes are likely to be significant for our industry.
These are scary and uncertain circumstances that we are living through. The speed with which the Coronavirus took over our lives is truly transcendent and unparalleled, causing us to face overwhelming challenges. However, on a day when there was snow on the ground in March and Tom Brady announced that he is leaving the Patriots, you wonder how we could extract some positives from our current lives.
Unless you happen to earn your living in the financial planning field, you maybe be only slightly aware of the monumental nature of the changes to the IRS’s
, passed by Congress in 2017.
Over the past 12 months, The Cherrytree Group helped investors and developers identify ideal opportunities for safe, stable growth.
After purchasing our own historic building at 287 Auburn Street, Newton, Massachusetts in late September of 2017, we were anxious to begin rehabilitation of the building and move into our new home.
In December, 2017, the Tax Cuts and Jobs Act of 2017, established Opportunity Zones by way of a provision of the Internal Revenue Code i.e Section 140OZ-2 (the "OZ Rules"). Pursuant to the OZ Rules, Treasury directed the individual states to designate certain census tracts as Opportunity Zones.
These are exciting times in the tax credit world! In addition to tax cuts, the 2017 Tax Reform brought about other significant changes, including “Opportunity Zones”, which are a new concept that can potentially link tax credit projects and capital gain deferrals in a single deal.
BOSTON –Cherrytree Group, LLC, (“Cherrytree”) a Newton Massachusetts tax credit advisory firm has announced the closing and funding of two (2) historic rehabilitation projects in Massachusetts. Cherrytree closed the state and federal tax credit equity financing of the projects using its Preserve & Renew (“P&R”) branded partnerships, which raised over $2 million in tax credit equity from individual investors.
When Treasury Secretary Mnuchin announced the details of the Administration's proposed tax reform package last week, he stated that the tax cuts proposed in the tax reform package would generate economic growth so extreme that it would pay for the tax cuts by itself. In the face of such a significant pronouncement, I wanted to see how the numbers would play out.