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Opportunity zones are the tax shield tech wanted but is it living up to expectations? June 3, 2021 at 9:01 am A rendering of Canton Lofts, an opportunity zone housing development in Seattle’s Pioneer Square neighborhood. (Nitze-Stagen Image) It’s been more than three years since Republicans unveiled a plan to encourage high-net worth Americans to invest in economically distressed areas as part of the 2017 tax overhaul. Opportunity zones were billed as a tool to lift up communities left behind by the modern economy and if the wealthy got a generous tax break in the process, all the better. The program was the brainchild of several high-profile investors from the tech industry, where soaring stocks lead to big gains. By immediately investing those gains into a fund in a designated opportunity zone, investors can defer their capital gains tax and avoid paying taxes on the profits of the new investment altogether.

United statesSan franciscoJeff feinsteinKenan fikriJoe bidenSean parkerData solutionsUs chamberEconomic innovation groupUniversity of california berkeleyCanton loftsPioneer squareNitze stagen imageDirector kenan fikriCapitol hillCalifornia berkeley