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Jun
Opportunity knocks: Congress authorizes tax-free profits for investors in qualified opportunity zones
Created by the Tax Cuts and Jobs Act, over 8,700 tracts of land across the county have been designated as “qualified opportunity zones,” providing new and compelling tax incentives for rethinking where and how to do business.
Normally, a profit resulting from the sale of an asset is taxed at a maximum capital gains rate of 20%. Now, Congress gives taxpayers the option of reinvesting that profit into opportunity zones in exchange for deferral of the tax until year-end 2026. If invested for seven…
Source: Arizona Business Journal
