When opportunity zones became law with the passing of the Republican tax bill in December 2017, investors around the country grew excited, as most of the country focused on how the tax brackets changed for Americans and corporations. The policy, a tax break for investors putting capital into distressed communities, started as six pages tucked into the GOP tax bill but will soon have more than 500 pages of guidance and regulation.
The policy, born out of the Great Recession, is the result of one of the largest public-private partnerships of the past decade, and on a scale that previous tax incentive programs for development have not remotely approached. While there were 115 "enterprise zones" that came out of a '70s policy, there are 8,764 opportunity zones across the US and its territories.
After leaving the White House, his friend Ro Khanna introduced him to billionaire investor Sean Parker. Parker made his name and fortune as the founder of Napster and the first president of Facebook, and said he was looking to enter a philanthropic phase of his career.
Steve Glickman is the founder and CEO of Develop LLC and one of the co-creators of the opportunity zone idea.In its final form, investors receive a tax break on capital gains after five years of investment in an opportunity zone development, and do not have to pay any capital gains tax if they keep their assets in the investment for a decade.
Glickman said his research has found there has been at least $10 billion invested in opportunity zones thus far, making it far more successful than other federal development programs in the past. And he shrugs off the criticism that it's a policy for the rich.
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