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Opportunity Zones are designed to spur economic development and job creation in distressed communities.
“Other than the real estate clients, I would say almost across the board most other clients, most other industries, professions, etcetera, have all been hurt by this new tax law,” Mark Hausner, principal in the accounting firm Peretz, Resnick, Mitgang & Marcus LLP, told the Business Journal.
“These are areas that can’t grow by themselves – they need private investment," says Betsy Paynter, executive director of redevelopment agency CityCenter Danbury.
The so-called “opportunity zones” are a small part of the Tax Cuts and Jobs Act of 2017. The basic idea of the program is to drive investment to low-income areas by providing favorable tax treatment to investors.
“With partnerships at every level of government and in the private sector, we’re promoting a state where residents will want to live, work, and raise a family,” says Department of Housing Commissioner Evonne M. Klein.