Tagged: Opportunity Zones

2018 Primary Yields (Mostly) Anticipated Results

New Jerseyans went to the polls on June 5th to select their party’s nominees for the November elections. The most closely watched races were the primaries for the upcoming Congressional races. Nationally, Democrats see a path to gain control of the House of Representatives and possibly the U.S. Senate, but it requires that the party hold their current seats while picking up enough open seats and defeating incumbent Republicans to gain the majority. U.S. Senate As expected, incumbent Democratic Senator Bob Menendez will face Republican Bob Hugin, the former CEO of Celgene. In addition to holding Senator Menendez’s seat, Democrats must win at least two Senate seats held by Republicans in order to flip control of the Senate. House of Representatives Democrats must flip 25 seats nationally to gain control of the House. Democrats believe three of those seats could be in New Jersey, which has a delegation of seven Democrats and five Republicans. In the 2nd Congressional District, State Senator Jeff Van Drew won a contested primary to earn the Democratic nomination. He will face Republican Seth Grossman, an attorney and former local and county office holder. While Senator Van Drew was expected to win the primary, Mr. Grossman...

Update: U.S. Treasury Approves New Jersey’s Opportunity Zones

As we had previously written, the Murphy Administration recently recommended 169 census tracts within 75 New Jersey towns to the U.S. Department of Treasury for inclusion in the newly-created federal Opportunity Zones Program. The Treasury Department has now approved Governor Murphy’s recommendations. A list of the Opportunity Zones and an interactive map showing the Zones can be found through the New Jersey Department of Community Affairs. Championed by Senators Cory Booker (D-NJ) and Tim Scott (R-SC), the 2017 tax reform law incorporated the Opportunity Zones Program to provide federal community development tax incentives and encourage long-term investment in eligible census tracts. The Program allows investors to temporarily defer payment of federal income tax on realized gains if the gains are invested in a qualified Opportunity Fund within 180 days of the date of the particular taxable sale or exchange. In addition, when a taxpayer disposes of an investment in a qualified Opportunity Zone held by the taxpayer for at least 10 years, the taxpayer can elect to exclude from gross income the capital gain on the investment in the Opportunity Zone Fund. A qualified Opportunity Fund is an investment vehicle that is organized as a partnership or a corporation for...

New Jersey Picks Its Opportunity Zones

The Murphy Administration announced it has recommended census tracts within 75 New Jersey towns to the U.S. Department of Treasury for inclusion in the newly-created federal Opportunity Zones Program. Championed by Senators Cory Booker (D-NJ) and Tim Scott (R-SC), the 2017 tax reform law incorporated the Opportunity Zones Program to provide federal community development tax incentives and encourage long-term investment in eligible census tracts. The Program allows investors to temporarily defer payment of federal income tax on realized gains if the gains are invested in a qualified Opportunity Fund within 180 days of the date of the particular taxable sale or exchange. In addition, when a taxpayer disposes of an investment in a qualified Opportunity Zone held by the taxpayer for at least 10 years, the taxpayer can elect to exclude from gross income the capital gain on the investment in the Opportunity Zone Fund. A qualified Opportunity Fund is an investment vehicle that is organized as a partnership or a corporation for the purpose of investing in Opportunity Zone Property. Eligible Opportunity Zone Property generally includes (i) stock in a domestic corporation; (ii) any capital or profits interest in a domestic partnership; and (iii) tangible property used in a trade...