By Bloomberg | PUBLISHED: April 17, 2019 at 3:27 pm | UPDATED: April 17, 2019 at 3:33 pm The Trump administration Wednesday released rules for a tax break designed to encourage economic development in distressed areas throughout the U.S. by making it easier to invest in businesses and real estate in low-income communities. Wall Street banks, private equity firms, real estate developers and others have been eagerly awaiting the regulations, which the administration said will spur $100 billion of investment into the more than 8,700 areas designated as “opportunity zones” in the 2017 federal tax overhaul. The 169-page proposal gives investors interested in these areas additional leeway and a more flexible timeline, a Treasury official told reporters Wednesday. The rules also give investing funds a one-year grace period to sell assets and reinvest the proceeds, thus avoiding penalties intended to prevent funds from sitting on the cash. The new Treasury regulations give funds six months from when they receive money to purchase assets that qualify for the special tax breaks. The rules also allow land and vacant buildings to be investments eligible for an opportunity zone fund, the Treasury official said. The tax breaks — which allow some investments to… Read full this story
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