tax breaks: We are one of the best, if not the best, models of place-based economic development in the country, said David Ehrenberg, chief executive of the Brooklyn Navy Yard Development Corp, according to The Independent. The sprawling complex is poised to get another boost as a federally designated opportunity zone. Today the former industrial site is home to scores of tech startups and small-scale manufacturers, plus a Russ & Daughters outpost where Scottish smoked salmon goes for 44 per pound. Created as part of President Donald Trump's 2017 tax overhaul, the zones are intended to steer private investment into economically distressed areas by granting generous tax breaks. So why is the already-thriving Navy Yard one of them One factor is that the zones were selected based on economic data from the 2010 census, when the yard wasn't nearly as busy as it is today. There are 306 designated zones in the five boroughs.
(news.financializer.com). As
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Tagged under tax breaks, tax overhaul topics.