Photo: Military Park, Newark, New Jersey. Photo by Darrell Simmons/Jersey Digs.
Under the terms of the 2017 Tax Cuts and Jobs Act, Opportunity Zones enable private investors to become eligible for tax incentives on capital gains — profit on the sale of investments — and income. State administrators designated 13 U.S. Census tracts in the City of Newark to be eligible for O.Z. investment.
The Mastercard Center for Inclusive Growth and Accelerator for America, a non-profit based in Purchase, New York, announced a $1 million commitment to help distressed communities through inclusive investment on May 21 at the Forbes Opportunity Zone Summit in Newark.