IRS Issues Guidance On Designating Census Tracts as Qualified Opportunity Zones

On February 8, 2018, the IRS issued Revenue Procedure 2018-16 providing guidance to state and territorial governors and the mayor of the DC on the necessary procedure for designating census tracts as Qualified Opportunity Zones (QOZ) in order to take advantage of the new Opportunity Zones program established in the recently enacted tax reform bill.

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Housing Credit Disaster Relief Expanded for Puerto Rico

On February 9, the IRS issued Notice 2018-17 expanding the general disaster relief contained in Revenue Procedures 2014-49 and 2014-50 specifically providing  guidance on Housing Credit disaster relief for Puerto Rico.

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President Trump Signs Bipartisan Budget Act

On February 9, President Trump ended the government shutdown by signing the Bipartisan Budget Act of 2018. This Act is a 2-year, $300 billion increase to the defense and nondefense spending caps for fiscal years 2018 and 2019.

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