NY Opportunity Zone Decoupling Effort Falls Short in Assembly

A bill to completely disconnect New York’s tax code from the federal opportunity zone program fell short as the legislative session is set to end.

The measure (S 543) passed the state Senate in May, but the companion Assembly bill (A 2170) wasn’t voted out of the Ways and Means Committee by Thursday and thus won’t receive a floor vote in lawmakers’ final hours. The legislation aimed to eliminate the opportunity zone benefits for New York investors on their state taxes.

• In 2021, the state decoupled from provisions that offered ...