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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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Sills Cummis law firm Jaime Reichardt Tax attorney
Of Counsel

Jaime Reichardt is Chair of the Sills Cummis & Gross State and Local Tax Practice.  Mr. Reichardt helps companies not only identify potential compliance issues and tax reporting exposures, but also assists with identifying and securing pro-active refunds, tax credits or abatements, and other incentive opportunities.  Throughout the years, he has secured several million dollars in tax savings and economic development benefits.  Mr. Reichardt’s practice also includes resolving state tax controversies and audits with various revenue departments across tax types, including corporate income...

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