2021 Legal Update
This weblog publish provides a brief overview of the benefits supplied via the OZ Program and the way these advantages have been integrated into New York’s tax code, after which describes how new laws will strip a few of these benefits for purposes of New York State and New York City taxes, while retaining others. The federal opportunity zone program (26 U.S.C. Sec. 1400Z et seq., the “OZ Program”) provides tax advantages to encourage personal investment in economically distressed areas. More than eight,seven-hundred census tracts, situated in each state, Washington, D.C., and 5 U.S. territories, had been designated as opportunity zones. Proponents hoped that investments in these communities would spur economic growth and job creation in needy communities. Many states and localities, together with New York City and New York State, aligned their tax codes with the incentives supplied beneath the OZ Program. In view of the forthcoming implementation of …
