United States:
CA Does NOT Elect To Conform To Federal Opportunity Zone Program For CA Property
05 November 2019
Duane Morris LLP
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Sept. 12, 2019—The California state legislature adjourns
tomorrow for the rest of 2019 without considering opportunity zones
(OZ) state conformity legislation.
While 38 other states have followed federal form and allow for
the waiver/elimination of capital gains on the sale of qualified
property after 10 years in those states, California is NOT one of
them.
The deadline to introduce legislation for consideration in the
2019 legislature was Sept. 10.
The next chance for the California state legislature to address
OZ conformity will be when it reconvenes in January 2020.
Disclaimer: This Alert has been
prepared and published for informational purposes only and is not
offered, nor should be construed, as legal advice. For more
information, please see the firm's
full disclaimer.
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