4-21-2021 New York Disconnects from Federal Qualified Opportunity Zone Tax Benefits

Posted on April 21, 2021

New York law previously followed federal law allowing tax benefits for investing in a qualified opportunity fund. On April 19, 2021, New York enacted changes which disallow the deferral and exclusion of capital gains through investment in a qualified opportunity fund. These changes are retroactive to January 1, 2021.

If you have any questions about this change, please contact an attorney in our Tax Department.

Danielle B. Ridgely

Jason W. Klimek