October 21, 2019

October 21, 2019

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October 18, 2019

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New Jersey Division of Taxation Announces Conformity with Opportunity Zone Tax Benefits

This week, the New Jersey Division of Taxation issued key guidance on the Opportunity Zone program. The guidance provides that New Jersey will conform to federal tax rules when it comes to the Opportunity Zone tax benefits for gross income and corporation business tax purposes.

Accordingly, New Jersey taxpayers will have the opportunity to take advantage of the deferral and reduction of current capital gains, while realizing future capital gains on a Qualified Opportunity Fund investment tax-free. A copy of the guidance can be found here.

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The Sills Cummis & Gross Real Estate Department is an interdisciplinary team of approximately 30 attorneys providing a full range of legal and related services to participants in all areas of the real estate industry. The Real Estate Department encompasses expertise in many disciplines such that clients’ needs are serviced by attorneys and paralegals with the specialty they require. Different groups within the Department focus on investment, vertical and horizontal acquisition and disposition; condominiumizations; retail, office, industrial and warehouse leasing; and mixed- and single-...

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