Quarter: Zones and Tax

quarter: The zones comprise neighborhoods with higher poverty and unemployment rates than the rest of the country, according to Market Watch. Real-estate data firm Attom Data Solutions analyzed 3,100 Opportunity Zones nationwide to determine how home prices in those areas compared to national levels. The so-called Opportunity Zones program was created as part of the Tax Cuts and Jobs Act of 2017, which overhauled the nation's tax code. The study considered zones that had at least five home sales in the second quarter of 2019 and an average of five sales per quarter since the third quarter of 2018. In particular, businesses can get major tax breaks for investments in these zones, including a 0% capital-gains tax if they hold the investment which can include real estate for at least 10 years. The Opportunity Zones program was designed to spark new development and an influx of capital into these areas. (news.financializer.com). As reported in the news.