If the opportunity zones seemed convoluted and difficult to leverage, the Treasury has been working on clarifications that would help understanding and that may open up to more developments. But, is it still the right direction? Here, Next City explores why some believe that opportunity zones are benefiting the wrong parties.
The program, in which investors can defer or eliminate taxes on capital gains if the money is invested in Opportunity Zones, has drawn criticism from those who say that the program will enrich already wealthy people at the expense of poor communities. (The St. Paul Pioneer Press called the program a “federally authorized tax shelter.”)
The new rules clarify some of the ways investors can take advantage of the tax break, making it easier for money to fund job-creating businesses, rather than just real estate, the Times reported.
Insurers Endorse Ending Shell Companies
The Coalition Against Insurance Fraud, a group of insurers, government groups and consumer watchdog groups, has endorsed a bill in Congress designed to eliminate anonymous LLCs by requiring that LLCs and corporations disclose their owners.
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