New York: Amazon says new NYC home won’t tap Opportunity Zone break

New York: Amazon says new NYC home won’t tap Opportunity Zone break

NEW YORK (AP) — Amazon will not take advantage of a federal program offering massive tax breaks when it builds headquarters in New York City.

The internet shopping giant told the New York City Council this week that it had no plans to directly benefit from the Opportunity Zone program offering cuts on federal capital gains taxes as a way to spur development in downtrodden areas.

Parts of the Long Island City neighborhood, including the site of Amazon planned offices, were designated as one of 8,700 high-unemployment, low-income zones around the country that qualify for the new tax incentives under the 2017 federal tax overhaul.

Continue reading New York: Amazon says new NYC home won’t tap Opportunity Zone break at STL.News.