Categories: U.S. Treasury

Treasury and IRS Announce Proposed New Tax Form to Collect Opportunity Zone Fund Data

Washington – The United States Department of the Treasury and the Internal Revenue Service (IRS) today released a proposed Form 8996 for Qualified Opportunity Funds (QOFs) for the 2019 tax year. The form is designed to collect information on the amount of investment by opportunity funds in business property by census tract.

“This is an important step towards a thorough evaluation of the Opportunity Zone tax incentive,” said Treasury Secretary Steven T. Mnuchin. “We want to understand where Opportunity Zone investments are going and strengthening the economy so that investors and communities can learn from the successes of this bipartisan, pro-growth policy.”

Specifically, the new form 8996 requires QOFs to report the EIN of each business in which the QOF has an ownership interest, the census tract location of the tangible property of the business, and the value of the QOF’s investment. It will also require QOFs to report the value and census tract location of qualified business property it owns or leases directly. 

This type of information will allow the Department to monitor the amount of investment received by different tracts over time.  Combining this investment information with data on employment and incomes will help policymakers and the public to evaluate the effects of this tax incentive and to understand why some locations may be more successful than others in attracting investment.

Read the document.

####

IR Press

Share
Published by
IR Press

Recent Posts

U.S. Department of the Treasury’s CDFI Fund and Federal Housing Finance Agency Collaborate to Bolster CDFI Access to Capital

WASHINGTON—Today, the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) and…

2 days ago

Report on U.S. Portfolio Holdings of Foreign Securities at Year-End 2023

Washington – The findings from the annual survey of U.S. portfolio holdings of foreign securities…

3 days ago

READOUT: U.S. Department of the Treasury Hosts Roundtable Discussion on the Financial Sector’s Response to Recent Hurricanes

WASHINGTON – The U.S. Department of the Treasury hosted a roundtable on October 30 with…

3 days ago

READOUT: Sixth Meeting of the Financial Working Group Between the United States and the People’s Republic of China

WASHINGTON – The United States and the People’s Republic of China held the sixth meeting…

3 days ago

Treasury Sanctions Key Members of La Linea, a Group Involved in Trafficking Fentanyl into the United States

WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned…

3 days ago

TSX Trading Suspended – Chesswood Group Limited (CHW)

TMX Group Limited and its affiliates do not endorse or recommend any securities issued by…

4 days ago