New York's recently passed state budget included measures to decouple its capital gains tax code from the federal Opportunity Zones program.
Still, Sullivan & Worcester Partner Dan Ryan doesn't see this as a widespread trend that should elicit significant concern. "There are not a lot of states that are doing this," he says.
There were some notable exceptions, though. "When the Tax Cuts and Jobs Act [of 2017] came out a few years ago, California's franchise tax board did a very lengthy report on what they were going to follow and what they weren't," Ryan says. "And, the opportunity zones were one thing that they weren't going to follow."
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Leslie Shaver
Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.
