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California, Arizona, N.Y. Lead States For Opportunity Zone Investments

Aug. 16, 2022, 8:50 PM

Arizona has solidified its second position among the states with the highest injection of opportunity zone investments through June, only behind the Golden State.

During the first half of 2022, California increased tax-advantaged investments by $485.9 million, while Arizona jumped by $441.6 million, according to a report released by accounting firm Novogradac, which tracks 1,475 qualified opportunity zone funds. The jurisdictions with the highest investment— excluding Washington, D.C. —are also among the largest states by population.

The 2017 tax law created taxable gain deferral and exclusion perks for taxpayers investing in more than 8,700 designated census tracts. Total investment ...