LOCAL OFFICIALS HAVE EMBRACED THE TRUMP “OPPORTUNITY ZONE” PROGRAM, which I have described as a tax break for the rich.
Now Congress is calling for changes in the program. Here is an excerpt from The NY Times link below:
“The opportunity zone initiative, tucked into the tax cut bill that Mr. Trump signed into law in 2017, has become one of the White House’s signature initiatives. It allows investors to delay or avoid taxes on capital gains by putting money in projects or companies in more than 8,700 federally designated opportunity zones. Mr. Trump has boasted that it will revitalize downtrodden neighborhoods.
But the incentive, also championed by some prominent Democrats, has been dogged by criticism that it is a gift to wealthy investors and real estate developers. From the start, the tax break targeted people with capital gains, the vast majority of which are held by the very richest investors. The Treasury permitted opportunity zones to encompass not only poor communities but some adjacent affluent neighborhoods. Much of the money so far has flowed to those wealthier areas, including many projects that were planned long before the new law was enacted.”