As States Pick ‘Opportunity Zones’ for Tax Breaks, a Debate Over Who Benefits
“Governors across the country are racing to make complicated decisions about which struggling areas in their states will qualify for a new federal tax benefit designed to spur investment in low-income communities. The federal tax overhaul passed in December gives governors until Wednesday to designate up to 25% of their state’s low-income Census tracts as tax-favored opportunity zones, or request a 30-day extension. Under the law, investors can defer taxes by taking capital gains from other investments and placing them in investments in these designated areas.”