“In the reality that we have a really complicated tax code, what Opportunity Zones does is create an opportunity for investors to defer capital gains tax — on any investment, anywhere — for seven years, if they put their proceeds from an investment dividend into an opportunity fund which has to invest in an Opportunity Zone,” Jimmy Kemp, president of the Jack Kemp Foundation, told Bold TV.
Opportunity Zones is part of the Tax Cuts and Jobs Act, which President Donald Trump signed into law in December 2017. The goal is to get capital in distressed communities. This past spring, every governor and the mayor of Washington D.C., selected the distressed areas of their state they want to transform into an Opportunity Zone.
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