The Department of the Treasury and the Internal Revenue Service (IRS) held a public hearing on the second round of Opportunity Zone regulations on July 9, 2019. OFN testified at the hearing to emphasize the need for data collection, transparency, and anti-fraud provisions to ensure the program ha
The authorization for the New Markets Tax Credit (NMTC) is set to expire at the end of 2019 and Congress has begun working on a plan for extending this valuable community development tool. The House and Senate are each pursuing their own paths to extend the NMTC.
On June 26, 2019, the House passed the Fiscal Year (FY) 2020 Financial Services and General Government (FSGG) Appropriations bill, H.R. 3351 by a vote of 224-196.
On June 3, the House Appropriations Financial Services and General Government (FSGG) Subcomittee approved its FY 2020 appropriations bill which included $300 million for the CDFI Fund, the h
The IRS and Department of the Treasury recently closed a Request for Information commenting period on reporting, data collection, and transparency requirements for Opportunity Zones.