Zone Defense: Panel Discusses Limits and Advantages of New Opportunity Zones Program
February 21, 2019
Louis Vlahos, partner at Farrell Fritz, is quoted in this Long Island Business News article.
The opportunity zones program, which was enacted as part of the Tax Cuts and Jobs Act of 2017, allows individuals and businesses to defer and reduce taxes on capital gains in exchange for capital investment in certain lower-income communities across the country. On Long Island, opportunity zones are located in Hempstead, Riverhead, Central Islip, Glen Cove, Wyandanch, Huntington Station, Long Beach and North Bellport.
“These are economically distressed areas and we need to attract people to invest in these areas,” said Vlahos, a specialist in tax law. “It’s a great program, but it has to make sense from a business perspective.”
Since the program has so many moving parts, the decision on whether to invest in opportunity zones projects or funds should probably be made in consultation with
financial and legal professionals.
“Read the documents closely,” Vlahos cautions. “Understand what’s there and what your rights are.”
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