Must-Knows About Qualified Opportunity Funds
https://www.morningstar.com/articles/871639/mustknows-about-qualified-opportunity-funds.html
The Tax Cuts and Jobs Act, enacted on Dec. 22, 2017, established new tax codes that provide significant tax deferral opportunities for recently realized capital gains when they are invested in a Qualified Opportunity Fund (QOF or O Fund) for at least five years.
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What is an Opportunity Zone?
State governors were asked to identify economically distressed communities that also showed a real potential for revitalization. Many of these zones truly are suffering in terms of low household income, joblessness rates, age of housing stock, and eligibility for low income housing tax credits, to name a few. More than two thirds of the zones also contain a Brownfield site, which are eligible for EPA grants to fund the cleanup of environmental problems. About three fourths of O-Zones are in urban areas, with the remainder located in rural communities.
The Treasury Department reviewed the list and certified over 8,700 O-Zones.
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(Complete article is at the link. Zim.)
I have a few thoughts about this sort of thing.
As in, I suspect most of these 'opportunity zones'
fall into one (or more) of the following classifications.
1.) Bad governance. AS in local government bent on
fleecing the residents of as much money as possible.
In which case moneys funneled into the area will be
stolen and misappropriated.
2.) High crime rates. Businesses simply can not
afford to 'work' in areas like this.
3.) Residents who have little interest in developing
their 'resources'. Face it. It is a lot easier to
simply take the welfare money and housing assistance
than it is to get a job and WORK.
I seem to vaguely remember some town (I think it was in
californica) where the public officials were paying
themselves outrageous salaries - obviously at the
residents expense.
Corruption is bad. That is the reason why most third
world crapholes are crapholes.
These days we got the media 'exposing' every little
questionable thing the repugnicans do . . . Where were
the little turds while the obozo administration was
stealing the country blind?
I dunno.
Thoughts? Comments?
Mad Poet Strikes Again.
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