Sunday, September 1, 2019

In "opportunity zones," profits on investments are tax-free for years

The tax benefit allows people to delay paying taxes on profits from stocks or other investments for years. To qualify, they have to direct their untaxed gains into federally certified regions known as opportunity zones. Profits on those investments are then tax-free.

While some money is flowing to poor communities, the most visible impact so far has been to set off a feeding frenzy among the wealthiest Americans. They are poised to reap billions in untaxed profits on high-end apartment buildings and hotels in trendy neighborhoods, storage facilities that employ only a handful of workers or student housing in bustling college towns.

MORE:

https://www.nytimes.com/2019/08/31/business/the-trump-associates-benefiting-from-a-tax-break-for-poor-communities.html

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