Posts Tagged Opportunity Zones
The idea behind the Opportunity Zones is to persuade individuals and corporations to invest their capital gains in projects in poor neighborhoods. In return, those investors receive lucrative federal tax breaks. No matter what one might think about this underlying idea of OZs, the execution and administration of the program has fallen short. Their pervasive lack of transparency and accountability is largely to blame.
States Are Losing Revenue Passively to Federal Opportunity Zones. But Only Four Have Even Estimated Their Losses
Opportunity Zones (OZs), the new federal tax break for investing in specially designated census tracts, are estimated to cost the federal treasury $1.6 billion a year. But because all but a few states tie their personal and corporate income tax systems to Uncle Sam’s, OZs will also have a direct and negative impact on state revenues.