Feds OK all 72 CT 'opportunity zones'

17 Jul 2018

Connecticut has won federal approval of its 72 "opportunity zones'' (OZs) statewide, including seven in New Haven, making them eligible to lure tax-favored private investment to improve housing and jobs in the neediest areas, authorities say.

Gov. Dannel P. Malloy on Friday announced the U.S. Treasury ratified all 72 OZs that were nominated by the state Department of Economic and Community Development and the state Department of Housing.

As previously reported, OZs stem directly from recent federal income-tax reform, which authorized formation of "opportunity funds.'' Fund investors can put up capital to leverage additional investment, in exchange for long-term federal tax deductions against future capital gains.

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