Where Opportunity Zones stand, heading into 2019
The stage is set for Sean Parker?s pet project?now it?s time for the money to start rolling in When Trump?s tax overhaul became law a year ago, the real estate industry?s attention was focused on caps to the mortgage-interest deduction, plus state and local tax deductions?which the industry predicted would put the housing market in peril. (It didn?t.)
After the dust settled in the spring, the industry realized a hidden gem had been tucked away in the law: Opportunity Zones. The brainchild of Silicon Valley financier Sean Parker, Opportunity Zones allow investors to obtain massive tax advantages if they invest capital gains?money made on the sale of assets like a home, a business, or a piece of art?into ?distressed? areas of the country where the post-financial crisis recovery passed by. While the provision theoretically allows investors to put money into any type of project so long as it?s in a designated zone?a business, infrastructure, whatever?most observers believe it is especially attractive to real estate developers, partly because the largest tax benefits go to those who stay invested in the zone for at least 10 years. Advocates for the program believe this could be a game-changing community development tool.
Given the horizon for these investments is quite far off, where do things currently stand" Many firms looking to jump into Opportunity Zones were waiting on the Department of Treasury to release a set of guidelines that should clear up questions left ...
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