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Atlantic City, N.J., Aug. 27, 2018 (GLOBE NEWSWIRE) -- Nicholas F. Talvacchia spoke to the Atlantic Cape May Chapter of the New Jersey Society of CPAs (NJCPA) on July 12 about a new federal tax incentive to foster investment and redevelopment of low income areas that are designated as Opportunity Zones. A wide variety of projects will be eligible for equity incentives through the program.
“The legislation offers three tax incentives to investors,” noted Talvacchia. “Taxable income on capital gains is deferred if invested in an Opportunity Fund. If the investment is held for at least five years, basis is increased 10% and, if held for at least seven years, basis is increased by another 5%, for a total increase of 15%. Any gains over the original deferred amount at the 10-year mark are permanently excluded from taxation.”
Opportunity Zones were enacted as part of the 2017 Federal Tax Cuts & Jobs Act. There are eight opportunity zones in Atlantic County, located in Atlantic City, Egg Harbor City and Pleasantville, N.J. The educational session was part of a breakfast briefing given by Cooper Levenson, Attorneys at Law with NJCPA at the Linwood Country Club.
Talvacchia is now offering a complimentary white paper that explains Opportunity Zones in greater detail. For a copy, contact email@example.com.
Cooper Levenson is a full service law firm since 1957, with 75 attorneys and New Jersey offices in Atlantic City and Cherry Hill. The firm also has offices in Bear, Del., Fort Lauderdale, Fla. and Las Vegas, Nev. For more information, visit www.cooperlevenson.com.
Donna M. Vecere Cooper Levenson, Attorneys at Law 609.572.7362 firstname.lastname@example.org