NY Lawmakers Again Try to Break From Opportunity Zone Program

New York lawmakers will once again try to pass legislation to fully disconnect the state from the federal government’s Opportunity Zone program, which they say is a flawed tax incentive that will ultimately cost the state hundreds of millions of dollars in lost revenue.

Officials in 2021 removed some of the state-level tax breaks created by the federal program, but bill backers say more has to be done to fully untangle New York from its more costly provision—a tax exemption on capital gains generated from Opportunity Zone investments that are held for at least 10 years.

The measure passed in ...