The 2017 tax overhaul, signed into law by President Donald Trump, included tax incentives to invest in distressed communities called opportunity zones.
Investors benefit from tax breaks including deferrals on capital gains taxes, and the more than 8,700 designated zones benefit from economic investment. Critics say already-wealthy investors don’t need these breaks. Some have called the program a “tax cut for gentrification,” and questioned whether the residents of distressed communities will benefit.
In this video, Bloomberg Tax’s Allyson Versprille and Mehrsa Baradaran, a law professor at University of California, Irvine, explain how opportunity zones work.
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