OZs or opportunity zones were enacted in the 2017 Tax Cuts and Jobs Act. If you invest capital gains from a previous investment in a building or business in a census tract designated as an OZ by a state governor, you can defer and reduce taxes on that initial gain, and then pay zero capital-gains tax on that investment, provided you stick with wit for 10 years or more.
The WSJ says there are 8,764 of those in the U.S. (Sat/Sun Sept 17, 2021). A few kind of businesses are ruled out -tanning salons, golf course and liquor stores.
“But there is no requirement that a project actually benefit residents of that zone.”
WSJ
We’ve found out the idea of OZs came from Sean Parker, of Napster and Facebook fame.
WSJ
“Self-storage facilities, which create hardly any jobs, are sprouting with OZ money. So is luxury student housing- in university towns, which are eligible only because college kids show up as poor in census tallies.”
WSJ
Do any readers participate as investors in an OG ? If so, let us know in the comments.
Bitcoin is set to complete arguably its most important upgrade to date.
The upgrade, known as “Taproot,” will activate three fundamental and powerful changes within Bitcoin’s base-level code. Taproot will improve Bitcoin’s privacy, security, and scalability, as well as allow for basic smart contract functionality on Bitcoin.