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Opportunity Zone
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 Senators Tim Scott, Cory Booker, and 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 8,764 Opportunity Zones in the 50 states, and five U.S. possess ... [...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. The legislation is commonly referred to in media as the Trump Tax Cuts. Major elements of the changes include reducing tax rates for corporations and individuals, increasing the standard deduction and family tax credits, eliminating personal exemptions and making it less beneficial to itemize deductions, limiting state and local tax deduction, 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 reducing the penalty for violating the individual mandate of the Affordable Care Act (ACA) to $0. ' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Internal Revenue Code
The Internal Revenue Code of 1986 (IRC), is the domestic portion of federal statutory tax law in the United States. It is codified in statute as Title 26 of the United States Code. The IRC is organized topically into subtitles and sections, covering federal income tax in the United States, payroll taxes, estate taxes, gift taxes, and excise taxes; as well as procedure and administration. The Code's implementing federal agency is the Internal Revenue Service. Origins of tax codes in the United States Prior to 1874, U.S. statutes (whether in tax law or other subjects) were not codified. That is, the acts of Congress were not organized and published in separate volumes based on the subject matter (such as taxation, bankruptcy, etc.). Codifications of statutes, including tax statutes, undertaken in 1873 resulted in the Revised Statutes of the United States, approved June 22, 1874, effective for the laws in force as of December 1, 1873. Title 35 of the Revised Statutes was ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Special Economic Zones Of The United States
Special or specials may refer to: Policing * Specials, Ulster Special Constabulary, the Northern Ireland police force * Specials, Special Constable, an auxiliary, volunteer, or temporary; police worker or police officer * Special police forces Military * Special forces * Special operations Literature * ''Specials'' (novel), a novel by Scott Westerfeld * ''Specials'', the comic book heroes, see ''Rising Stars'' (comic) Film and television * Special (lighting), a stage light that is used for a single, specific purpose * ''Special'' (film), a 2006 scifi dramedy * ''The Specials'' (2000 film), a comedy film about a group of superheroes * Special 26, a 2013 Indian Hindi-language period heist thriller film * ''The Specials'' (2019 film), a film by Olivier Nakache and Éric Toledano * Television special, television programming that temporarily replaces scheduled programming * ''Special'' (TV series), a 2019 Netflix Original TV series * ''Specials'' (TV series), a 1991 TV seri ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Special Economic Zone
A special economic zone (SEZ) is an area in which the business and trade laws are different from the rest of the country. SEZs are located within a country's national borders, and their aims include increasing trade balance, employment, increased investment, job creation and effective administration. To encourage businesses to set up in the zone, financial policies are introduced. These policies typically encompass investing, taxation, trading, quotas, customs and labour regulations. Additionally, companies may be offered tax holidays, where upon establishing themselves in a zone, they are granted a period of lower taxation. The creation of special economic zones by the host country may be motivated by the desire to attract foreign direct investment (FDI). The benefits a company gains by being in a special economic zone may mean that it can produce and trade goods at a lower price, aimed at being globally competitive. In some countries, the zones have been criticized for bei ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gentrification
Gentrification is the process whereby the character of a neighborhood changes through the influx of more Wealth, affluent residents (the "gentry") and investment. There is no agreed-upon definition of gentrification. In public discourse, it has been used to describe a wide array of phenomena, sometimes in a pejorative connotation. Gentrification is a common and controversial topic in urban politics and urban planning, planning. Gentrification often increases the Value (economics), economic value of a neighborhood, but can be controversial due to changing Demography, demographic composition and potential displacement of incumbent residents. Gentrification is more likely when there is an undersupply of housing and rising home values in a metropolitan area. The gentrification process is typically the result of increasing attraction to an area by people with higher incomes spilling over from neighboring cities, towns, or neighborhoods. Further steps are increased Socially responsib ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Urban Renewal
Urban renewal (sometimes called urban regeneration in the United Kingdom and urban redevelopment in the United States) is a program of land redevelopment often used to address real or perceived urban decay. Urban renewal involves the clearing out of areas deemed blighted, often in inner cities, in favour of new housing, businesses, and other developments. 19th Century The concept of urban renewal as a method for social reform emerged in England as a reaction to the increasingly cramped and unsanitary conditions of the urban poor in the rapidly industrializing cities of the 19th century. The agenda that emerged was a progressive doctrine that assumed better housing conditions would reform its residents morally and economically. Modern attempts at renewal began in the late 19th century in developed nations. However, urban reform imposed by the state for reasons of aesthetics and efficiency had already begun in 1853, with Haussmann's renovation of Paris ordered by Napoleon III. T ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Empowerment Zone
Within United States federal legislation, an empowerment zone is an economically distressed community eligible to receive tax incentives and grants from the United States federal government under the ''Empowerment Zones and Enterprise Communities Act of 1993''. Program The ''Empowerment Zone Program'' consists of three US congressional designations. The Renewal Communities (RCs), Empowerment Zones (EZs) and Enterprise Communities (ECs) are highly distressed urban and rural communities that may be eligible for a combination of grants, tax credits for businesses, bonding authority and other benefits. Highly distressed refers to communities who have experienced poverty and/or high emigration based upon definitions in the law. These designations, RCs, EZs and ECs were awarded in three competitions since 1994. The program was the legislative response to riots that erupted in 1992 in Los Angeles after justification of police officers charged in the beating of an African-American motor ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Keystone Opportunity Zone
Keystone Opportunity Zones (KOZ) are specific commercial or industrial areas with greatly reduced or no tax burden for property owners, residents and businesses throughout the Commonwealth of Pennsylvania. Pennsylvania has the nickname of the Keystone State, hence the name. The first KOZ's were established in 1999 by the Pennsylvania State Legislature and signed into law by Tom Ridge, who was then the Governor of Pennsylvania. As of 2008, KOZ's are still being supported by continuing acts of the state legislature and the former governor Ed Rendell. The zones are located throughout Pennsylvania in 12 separate regions: Northwest, Southwest, North Central, Southern Alleghenies, Northern Tier, Central, South Central, Lackawanna/Luzerne, Schuylkill/Carbon, Lehigh Valley, Southeast, and Philadelphia. Many of the sites are located in pre-existing airports and industrial parks. Pennsylvania is part of the Rust Belt, a strip of states across the northeastern and midwestern parts of the Un ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Like-kind Exchange
A like-kind exchange under United States tax law, also known as a 1031 exchange, is a transaction or series of transactions that allows for the disposal of an asset and the acquisition of another replacement asset without generating a current tax liability from the sale of the first asset. A like-kind exchange can involve the exchange of one business for another business, one real estate investment property for another real estate investment property, livestock for qualifying livestock, and exchanges of other qualifying assets. Like-kind exchanges have been characterized as tax breaks or "tax loopholes". U.S. Tax Code section 1031 This kind of transaction is also called a " 1031 exchange", because Internal Revenue Code section 1031 of the U.S. Internal Revenue Code allows owners of certain kinds of assets to defer capital gains taxes on any exchange of like-kind properties. Both the relinquished property and the acquired property must be like-kind, and must be held for busi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Capital Gain
Capital gain is an economic concept defined as the profit earned on the sale of an asset which has increased in value over the holding period. An asset may include tangible property, a car, a business, or intangible property such as shares. A capital gain is only possible when the selling price of the asset is greater than the original purchase price. In the event that the purchase price exceeds the sale price, a capital loss occurs. Capital gains are often subject to taxation, of which rates and exemptions may differ between countries. The history of capital gain originates at the birth of the modern economic system and its evolution has been described as complex and multidimensional by a variety of economic thinkers. The concept of capital gain may be considered comparable with other key economic concepts such as profit and rate of return; however, its distinguishing feature is that individuals, not just businesses, can accrue capital gains through everyday acquisition a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
President Donald Trump
Donald John Trump (born June 14, 1946) is an American politician, media personality, and businessman who is the 47th president of the United States. A member of the Republican Party (United States), Republican Party, he served as the 45th president from 2017 to 2021. Born into a wealthy family in the New York City borough of Queens, Trump graduated from the University of Pennsylvania in 1968 with a bachelor's degree in economics. He became the president of his family's real estate business in 1971, renamed it the Trump Organization, and began acquiring and building skyscrapers, hotels, casinos, and golf courses. He launched side ventures, many licensing the Trump name, and filed for six business bankruptcies in the 1990s and 2000s. From 2004 to 2015, he hosted the reality television show ''The Apprentice (American TV series), The Apprentice'', bolstering his fame as a billionaire. Presenting himself as a political outsider, Trump won the 2016 United States presidential e ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Capital Gains Tax
A capital gains tax (CGT) is the tax on profits realized on the sale of a non-inventory asset. The most common capital gains are realized from the sale of stocks, bonds, precious metals, real estate, and property. In South Africa, capital gains tax applies to the disposal of assets by individuals, companies, and trusts, with inclusion rates differing by entity type and with special provisions for primary residences and offshore assets. Not all countries impose a capital gains tax, and most have different rates of taxation for individuals compared to corporations. Countries that do not impose a capital gains tax include Bahrain, Barbados, Belize, the Cayman Islands, the Isle of Man, Jamaica, New Zealand, Sri Lanka, Singapore, and others. In some countries, such as New Zealand and Singapore, professional traders and those who trade frequently are taxed on such profits as a business income. In Sweden, a so-called investment savings account (ISK – ''investeringssparkonto'') wa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
