Trump-era Opportunity Zones meant to help low-income communities exploited by investors
President Donald Trump’s 2017 tax plan created Opportunity Zones — a program of tax incentives to encourage investment in low-income communities. But as Paul Solman reports, that program has not necessarily spurred economic growth and jobs in distressed communities the way it had been envisioned.
However, with some provisions in the Tax Cuts and Jobs Act (and therefore opportunity zones themselves) set to expire less than three years from now, many are wondering what the future.
By Daniel Goodwin, AWMA, Kiplinger Consumer News Service (TNS)
Opportunity zones, created by the Tax Cuts and Jobs Act, were designed to spur economic development and job creation in specific communities and census tract areas, while simultaneously providing substantial tax incentives for investors.
Opportunity Zones However, with some provisions in the Tax Cuts and Jobs Act (and therefore opportunity zones themselves) set to expire less than three years from now, many are wondering what the future holds for this investment opportunity and, more specifically, whether it’s a good place for a new investment in 2024. The short answer: While investors have only a few short years to act before the program phases out, there is still a strong case to be made for a qualified opportunity zone (QOZ) investment, despite—and perhaps even because of—the looming expiration date.
Media News Global Voices 