On December 22, 2017, Congress enacted the Tax Cuts and Jobs Act of 2017 (the “Tax Act”). The law created a new incentive to encourage long-term investment in the nation’s low-income areas. If a taxpayer invests eligible capital in certain distressed communities, as designated by the federal government, they can then defer the recognition of capital gains for several years.
Originally Published in the Nassau Lawyer - December 2019.
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