Daily Tax Report: State

Trump’s ‘Opportunity Zones’ Tax Break Is Under Assault in N.Y.

Feb. 6, 2019, 1:07 PM

A New York state lawmaker has introduced a bill that would make President Donald Trump’s “opportunity zones” tax break less valuable to real estate developers.

The lawmaker, Senator Michael Gianaris, a Democrat, says he was outraged to learn Amazon.com Inc.’s planned office building in his Queens, New York, district would be located in an opportunity zone. That designation lets the e-commerce behemoth and others qualify for sizable federal and state tax breaks for building there. Amazon has indicated it won’t try to claim the break.

Opportunity zones were meant to spur development in poor areas. The Long Island City census...

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