The Tax Cuts and Jobs Act of 2017 created Qualified Opportunity Zones (QOZ) as an incentive to encourage development and investment in state-nominated, economically-distressed communities. Earlier this month, you may have read about the potential federal tax benefits to this program. The BPM SALT team would like to remind you there are possible state tax benefits as well. From a SALT (state and local tax) perspective, states may or may not have conformed to the Tax Cuts and Jobs Act of 2017 and therefore could have a different treatment on the gain under the federal program.
