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Economic Opportunity Zones
An Opportunity Zone is a designation and investment program created by the Tax Cuts and Jobs Act of 2017 allowing for certain investments in lower income areas to have tax advantages. The purpose of this program is to put capital to work that would otherwise be locked up due to the asset holder's unwillingness to trigger a capital gains tax. History Opportunity zones were proposed by United States Senate, Senators Tim Scott, Cory Booker, and United States House of Representatives, Representatives Ron Kind, Pat Tiberi and supported by Sean Parker's Economic Innovation Group.Tankersley, Jim (January 29, 2018).Tucked Into the Tax Bill, a Plan to Help Distressed America. ''The New York Times''. Retrieved December 3, 2018. States may designate up to 25% of low-income census tracts as Opportunity Zones. Opportunity Zones were created under the 2017 Tax Cuts and Jobs Act, signed into law by President Donald Trump. The first Opportunity Zones were designated in April 2018. There are more t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tax Cuts And Jobs Act Of 2017
The Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018, , is a congressional revenue act of the United States originally introduced in Congress as the Tax Cuts and Jobs Act (TCJA), that amended the Internal Revenue Code of 1986. Major elements of the changes include reducing tax rates for businesses and individuals, increasing the standard deduction and family tax credits, eliminating personal exemptions and making it less beneficial to itemize deductions, limiting deductions for state and local income taxes and property taxes, further limiting the mortgage interest deduction, reducing the alternative minimum tax for individuals and eliminating it for corporations, doubling the estate tax exemption, and cancelling the penalty enforcing individual mandate of the Affordable Care Act (ACA). The Act is based on tax reform advocated by congressional Republicans and the Trump administration. The nonpartisan ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
