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.
Most people agree renewable energy is a field that holds great promise for entrepreneurs and energy/technology companies. But how can an investor — be it an equity firm, institutional manager or individual — prudently take advantage of the rapid growth in this field without becoming immersed in the risks undertaken by investing in the underlying technology itself?
At this point in the fourth quarter of any given year, businesses and their principals are beginning to consider — and to plan for — their 2016 tax liabilities.
Following the release in late July of Proposed and Temporary Regulations by the IRS on the long awaited 50(d) issue that affects the structuring of historic tax credit transactions, Novogradac's 2016 Historic Tax Credit Conference on September 20-22 was certainly a well timed event. The Conference, which was very well attended, covered the 50(d) issues, as well as other pertinent tax credit issues. I attended the Conference and felt that it was a well presented, thought provoking, and beneficial industry event. The City of Cleveland, and it's people are very welcoming, the revitalized downtown area was comforting and warm. It was good to see colleagues and friends from the tax credit industry, to re-connect with others, and to share some laughs, good food and wine.