It’s not yet clear how or when the federal Opportunity Zone program will be handled by the team of Gov. Phil Murphy, but developers and lawyers are eager to begin working towards creating such a zone.
The federal program was launched in December in connection with assorted tax reforms. It allows for unrealized capital gains to be reinvested in Opportunity Funds aimed at low-income communities – known as Opportunity Zones – in exchange for a diminishing tax on capital gains over the lifespan of the investment.
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