New York Opportunity Zone Tax Break on Lawmakers’ Chopping Block

New York lawmakers who want to end the state’s tax breaks for investment in opportunity zones are racing against a June 8 deadline to pass a bill that fully disconnects their tax code from the federal incentive program.

The federal program, created through the 2017 tax law, promises capital gains deferral and income exclusion benefits for investors financing projects in designated low-income communities. Advocates argue that the tax breaks foster investment and job creation, while critics of the state benefits contend that the program primarily benefits wealthier investors and that the projects would have been pursued in New York regardless ...