Overview
Treasury, IRS Designate Opportunity Zones in Eighteen States: Today, the Treasury Department and the IRS designated Opportunity Zones in 18 states/territories. Under the Tax Cuts and Jobs Act, states nominate low-income communities to be designated as Qualified Opportunity Zones with the intent to spur investment in those communities. New investments in Opportunity Zones can receive preferential tax treatment. The states/territories approved today were American Samoa, Arizona, California, Colorado, Georgia, Idaho, Kentucky, Michigan, Mississippi, Nebraska, New Jersey, Oklahoma, Puerto Rico, South Carolina, South Dakota, Vermont, US Virgin Islands, and Wisconsin.
OECD Publishes New Transfer Pricing Country Profiles: Today, the OECD published new transfer pricing country profiles for Australia, China, Estonia, France, Georgia, Hungary, India, Israel, Liechtenstein, Norway, Poland, Portugal, Sweden, and Uruguay. The new profiles reflect the current transfer pricing legislation and practices of each country.
House Appropriations Committee to Hold Hearing Regarding the IRS's FY 2019 Budget: On April 11, Acting IRS Commissioner David Kautter will testify before the House Appropriations Committee regarding the IRS's fiscal year 2019 budget. The hearing will be held at 10:00 a.m. in the Rayburn Building, Room 2362-A.