By Jeffrey Friedman, Maria Todorova and Dennis Jansen (June 24, 2019, 11:01 AM EDT) -- State legislatures across the country are responding to the recently enacted federal opportunity zone provisions (I.R.C. Sections 1400Z-1 and 1400Z-2) in a variety of ways that could provide significant state tax benefits.
Created as part of the Tax Cuts and Jobs Act of 2017, these new provisions of the Internal Revenue Code are designed to promote growth in low-income communities — designated as opportunity zones — by offering investors the ability to defer, and potentially reduce gains, from selling appreciated property located in opportunity zones.
States have also provided tax benefits associated with opportunity zones. First, the fact that most states...
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