In the recently enacted Tax Cuts and Jobs Act, a new incentive to invest in low wealth communities, and potentially in CDFIs directly, has been created: the Opportunity Zone program.
With tax reform recently passed into law and a new year upon us, 2018 will be a year of change and opportunity. The President’s fiscal year (FY) 2019 budget proposal is expected to be released the first week of February, and Congress will begin its FY19 appropriations cycle.
More than three months into fiscal year (FY) 2018, Congress continues to negotiate a spending bill to fund the federal government for the rest of the year. Government funding is set to expire on Friday, January 19 after a continuing resolution was passed in early December.
On Thursday, December 7, Congress passed a short-term spending bill that will extend the fiscal year (FY) 2018 Continuing Resolution (CR) from December 8 to December 22, 2017. The House passed the bill by a 235-193 vote while the Senate passed the bill by an 81-14 vote.
On November 20, the Senate Committee on Appropriations released the FY18 Financial Services and General Government Appropriations Bill and