Photo Courtesy of Syracuse Post-Standard/Syracuse.com Linking tax policy and economic development, the federal Opportunity Zones program offers federal income tax deferral and tax reduction to encourage equity investment of capital gains in designated low-income census tracts. The investments will facilitate increased business activity and economic revitalization. Bousquet Holstein has a long history advising investors, developers, Read More »
We are facing a rapidly changing environment. The challenges affect every aspect of life and every member of our communities. We have set up this webpage to provide up-to-date information on legal matters as well as health, financial, tax and business resources, as well as CARES Act information, that may be useful to you in handling your Read More »
Public Finance Attorney Jean S. Everett Deteriorating infrastructure and job creation are costly problems that have long plagued many communities. Local governments in New York State faced shrinking revenues and increasing demands for public works projects and services prior to the onset of the pandemic and the outcry for policing reform and equity. Loss of Read More »
In December 2017, the Tax Cuts and Jobs Act of 2017 added the Opportunity Zones program to the Internal Revenue Code. The Opportunity Zones program provides for the deferral and reduction of capital gains tax and possible permanent exclusion from federal income taxation of eligible capital gains. Taxpayers realize these benefits by investing in Qualified Read More »
Under the recently enacted New York State 2021-2022 Budget Bill, A.3009-C/S.2509-C, New York has "decoupled" from the Federal Qualified Opportunity Zone program. This means that any capital gain in 2021 and later may no longer be deferred from New York State tax. The capital gain may still be invested in a Qualified Opportunity Zone Fund Read More »