Take advantage of investing in one of the few opportunity Zones in Nassau County.
What are the New York State tax implications of the federal tax benefits for investment in the Opportunity Zone Program? There are two main incentives to encourage investment in qualified opportunity funds. First, taxpayers can temporarily defer the inclusion in gross income of capital gains that are reinvested in a qualified opportunity fund. Taxpayers can also permanently exclude capital gains from the sale or exchange of an investment in a qualified opportunity fund held for more than 10 years. Generally, both the deferral and exclusion of the capital gains from federal income will flow through to New York State. This means those gains will also be deferred and excluded from New York taxable income......More info....https://esd.ny.gov/opportunity-zones