What are Opportunity Zones? Opportunity Zones were enacted as part of the 2017 federal Tax Cuts and Jobs Act and are designed to drive long-term capital investments into low-income rural and urban communities. This federal capital gains tax incentive encourages private investors to support investments in designated low-income distressed communities (Opportunity Zone census tracts) through …
Month: February 2019
Incentives to be Capped and Targeted Toward High-Growth Industries
The average refund amount at the beginning of the 2019 tax filing season was smaller than this time period last year, a new IRS report shows. However, most taxpayers are seeing tax reform’s benefits in larger paychecks rather than refunds, a Treasury spokesperson said on February 15.
Opportunity Zones Opportunity Zones are an economic development tool to spur tax-favored investments in distressed communities throughout the country and in U.S. territories.
Generally, if a taxpayer exchanges business or investment property solely for business or investment property of a like or similar kind, they don’t need to recognize a gain or loss.
The law increases the bonus depreciation percentage from 50 percent to 100 percent for qualified property acquired and placed in service after September 27, 2017, and before January 1, 2023.