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Using Tax Law To Perpetuate Gentrification: Vinegar Hill Lives Again In Charlottesville, Kelsey Massey
Using Tax Law To Perpetuate Gentrification: Vinegar Hill Lives Again In Charlottesville, Kelsey Massey
GGU Tax & Estate Planning Review
The 2017 Tax Cuts and Jobs Act, enacted by the Trump administration, created the largest government-sponsored subsidy for urban renewal through the Opportunity Zones program. This tax expenditure is designed to delay and even avoid capital gains taxes to incentivize development in areas deemed to be in economic distress. While the program’s stated intent is to revitalize neighborhoods, build affordable housing, or promote small businesses, the selection of qualified areas is based on the income rate of residents. That is to say, a subsidy program focused on the physical place improvements has based its designation criteria on local resident’s income. …