California Legislators Reject ‘Opportunity Zones’ Tax Cuts

The Epoch Times


By Ilene Schneider

September 12, 2019

After California Gov. Gavin Newsom proposed a tax break of $100 million per year for those who invest in qualified clean energy projects or low-to-moderate-income housing, state legislators declined to support the plan before this year’s deadline.

The lawmakers will adjourn their 2019 session on Sept. 13. However, Sept. 10 was the last day for the proposal to be added to a bill to be eligible for a vote.

“The administration remains committed to advancing the key priorities of affordable housing and green technology,” Newsom spokesman Jesse Melgar told Bloomberg Tax.

The proposal (pdf), released on Aug. 22, would have required annual progress reports for each state-level opportunity zone fund and capped allocations at $5 billion total for the entire program.

Kunal Merchant, president and co-founder of CalOZ, a business group that supports qualified opportunity zones (QOZ) in California, told The Epoch Times that the implementing the program at the state level in the future will still benefit the state.

Opportunity zones offer an important new tool, not only to promote economic mobility and the green economy in areas of our state that need it most, but also to re-evaluate and re-imagine how business, government, and community work together to foster a more competitive, equitable and sustainable economy in California,” he said.

Read More