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