Opportunity Zones, enabled by a provision of the 2017 Tax Cuts and Jobs Act, are small geographic areas where individuals and corporations can get large capital-gains tax breaks for investing. The goal was to stimulate reinvestment in economically depressed areas, and thus, by implication, to help improve the lives of low-income residents in these communities.
Instead, it has been found to help development that were long in the works qualify for additional tax breaks, and for projects including luxury housing and storage facilities.
Bill Shopoff is leading an investment in an OZ at the south end of the Las Vegas Strip. The project will include a two types of businesses prohibited under the federal program: a spa and a casino.
Nevada Current reporter Dana Gentry has the full story.
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