California is running out of time to capitalize on the potential of Opportunity Zones

(CA Economy)

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Tens of billions of dollars are reportedly being raised nationwide by hedge funds, investment banks, and money managers looking to capitalize on new “Opportunity Zone” tax incentives created by the 2017 federal tax package. Some 34 other states have taken action to conform their state tax systems with new federal rules that provide tax breaks to investors who invest in more than 8,000 federally-approved low-income neighborhoods across the country.

No such action has been taken yet in California—where more than three million people live in 880 designated Opportunity Zones. This is a serious missed opportunity to tap an unprecedented source of private capital in communities that need it most, and the state is running out of time to act.