Tax Reform

IRS Guidance on Payroll Tax Deferral Leaves Key Question Unanswered

Filed in Economics, Tax Reform by on September 8, 2020 0 Comments
IRS Guidance on Payroll Tax Deferral Leaves Key Question Unanswered

The Internal Revenue Service (IRS) recently released Notice 2020-65 implementing the Aug. 8 presidential memorandum instructing the Department of Treasury to use its statutory authority to permit employers to defer withholding and payment of the employee’s 6.2% social security tax.

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Housing in Opportunity Zones

Filed in Land Development, Tax Reform by on July 17, 2020 0 Comments
Housing in Opportunity Zones

Opportunity Zones (OZs) are an economic development tool created by the federal government in the 2017 Tax Cuts and Jobs Act. Here are some examples of successful OZ projects across the country.

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Final Opportunity Zone Regulations Provide Clarity but Add Complexity

Filed in Multifamily, Tax Reform by on February 4, 2020 0 Comments
Final Opportunity Zone Regulations Provide Clarity but Add Complexity

In late December, the Treasury Department and Internal Revenue Service released the final regulations on investing in qualified opportunity funds, which clarify many key issues regarding investments in opportunity zones and how to qualify for the associated tax benefits. NAHB has reviewed the final regulations and updated its frequently asked questions webpage to note key issues related to real estate investments.

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House Approves Bill to Lift Caps on State and Local Tax Deduction

Filed in Advocacy, Tax Reform by on December 11, 2019 2 Comments
House Approves Bill to Lift Caps on State and Local Tax Deduction

The House Ways and Means Committee today approved the Restoring Tax Fairness for States and Localities Act, a bill to address concerns from higher-tax states regarding the state and local tax deduction limits.

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Bipartisan Senate Bill Restores Tax-Exempt Status for Developers’ Sewer and Water Contributions

Filed in Advocacy, Tax Reform by on December 11, 2019 1 Comment
Bipartisan Senate Bill Restores Tax-Exempt Status for Developers’ Sewer and Water Contributions

Sens. Jeanne Shaheen (D-NH), Lisa Murkowski (R-AK) and Maggie Hassan (D-NH) introduced legislation to address an unintended consequence of the Tax Cuts and Jobs Act of 2017 that increased costs for some builders and developers.

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IRS Updates Form for Opportunity Zone Filings

Filed in Multifamily, Tax Reform by on November 4, 2019 0 Comments
IRS Updates Form for Opportunity Zone Filings

The IRS has released a draft version of the updated Form 8996, which is required to be filed by all Qualified Opportunity Funds (QOFs). The IRS indicated earlier this year that it would further update this form, and it is likely a final version will be available prior to the end of the year.

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White House Launches Opportunity Zones Website

Filed in Multifamily, Tax Reform by on October 1, 2019 0 Comments
White House Launches Opportunity Zones Website

The White House has announced a new website designed to serve as an information hub for the opportunity zones initiative established as part of the Tax Cuts and Jobs Act of 2017.

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What You Need to Know About IRS’ Updated Opportunity Zone Regulations

Filed in Multifamily, Tax Reform by on May 22, 2019 1 Comment
What You Need to Know About IRS’ Updated Opportunity Zone Regulations

In April, the Treasury Department and IRS released a second set of proposed regulations related to the new opportunity zones tax incentive. NAHB has updated its resource page with a new FAQ outlining key points included in both sets of draft regulations.

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Treasury Announces New Opportunity Zone Regulations

Filed in Multifamily, Tax Reform by on April 17, 2019 2 Comments
Treasury Announces New Opportunity Zone Regulations

The U.S. Treasury Department today issued its second set of proposed regulations related to the new opportunity zones tax incentive established as part of the Tax Cuts and Jobs Act of 2017.

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NAHB Resources Available to Help Navigate Opportunity Zones

Filed in Multifamily, Tax Reform by on March 27, 2019 0 Comments
NAHB Resources Available to Help Navigate Opportunity Zones

Established as part of the Tax Cuts and Jobs Act of 2017, opportunity zones provide tax incentives for investors with capital gains to invest in underserved areas affected by poverty and unemployment. However, as a new tax incentive, many building industry members are still unclear on how to take advantage of this incentive. Learn more about the resources available through NAHB.

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