Since 2012, Heartland has hosted or participated in two dozen road shows and events to revitalize our cities, renew our industries, and grow the clean economy, including the recent Century Foundation Heartland Cities Summits. In the third quarter of 2019, the SVA and Heartland Network convened, in Pittsburgh, our tenth "capital roundtable," which featured State Treasurer Joe Torsella, USW President Tom Conway, and PRI North American Director Chris Fowle. Joining us were principals from Hamilton Lane, the newly merged Federated/Hermes, PNC Bank, and Heartland-affiliated investors. This report provides an overview for what could be the first Sustainable Finance Hub in the U.S., an exciting new
How often are 150 people turned away from an IRS hearing on Valentine's Day? Almost never. But in standing-room only fashion, the much anticipated public hearing on Opportunity Zones took place last week in Washington, D.C., after being delayed 35 days because of the partial government shutdown. Three major takeaways stood out among the issues raised throughout the course of the five-hour-long hearing: 1. The 50% test for investing in a business has emerged as, arguably, the most important factor in the legislation right now. Why? If the IRS determines that 50% of the sales or gross income of a business that is taking on capital gains must be derived from within the Opportunity Zone in which
Congress is turning up the heat on the opportunity zone program. Sen. Ron Wyden (D-Ore.) is introducing a bill that would eliminate around 200 opportunity zones deemed too affluent to need tax breaks as encouragement to invest, The New York Times reports. The census tracts in question initially qualified because they were adjacent to tracts that met the low-income requirements of the program. Wyden's move comes days after a trio of Congress members sent an open letter to Treasury Department Acting Inspector General Richard Delmar, asking him to open an investigation into a New York Times report that Treasury Secretary Steven Mnuchin had intervened in the selection of opportunity zones. Mnuch
The Rybovich superyacht marina lies on the West Palm Beach, Florida, waterfront, a short drive north from Mar-a-Lago. Superyachts, floating mansions that can stretch more than 300 feet and cost over $100 million, are serviced at the marina, and their owners enjoy Rybovich’s luxury resort amenities. Its Instagram account offers a glimpse into the rarefied world of the global 0.1% — as one post puts it, “What’s better than owning a yacht, owning a yacht with a helicopter of course!” Rybovich owner Wayne Huizenga Jr., son of the Waste Management and Blockbuster video billionaire Wayne Huizenga Sr., has long planned to build luxury apartment towers on the site, part of a development dubbed Marin