Governor Considers Opportunity Zone Designation for Atlantic City
What happened
Governor Kim Reynolds is considering designating an area on the west side of Atlantic City as an Opportunity Zone. Atlantic City Administrator John Lund stated that the designation is intended to serve as an economic development tool for the city. The program allows individuals to defer taxes on realized capital gains if they invest the money into a qualified fund within the designated low-income area.
From swiowanewssource.com
Why it matters
The Opportunity Zone designation aims to attract investment into a specific low-income area of Atlantic City. Under the program, gains from the original investment are not taxable after 10 years. Officials must complete a final review with the Treasury Department before the decision is made.
Local leaders and executives in Atlantic City are supporting new investment and city development efforts.
From swiowanewssource.com
Who's involved
- Atlantic CityCity where the Opportunity Zone designation is being considered
- New JerseyState where Atlantic City is located and maintains exclusive casino jurisdiction
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- Atlantic CitySpeculative
Atlantic City might use the regulatory action as an economic development tool to boost local investment.