Amazon’s NYC home in ‘opportunity zone’ for Trump tax break
NEW YORK (AP) — Much of the New York City neighborhood selected by Amazon for one of its new headquarters is in a federal “opportunity zone,” a designation created by President Donald Trump’s tax overhaul. The designation offers developers potentially millions of dollars in capital gains tax breaks to invest in high-poverty, low-income areas.
Critics question whether Long Island City in Queens needs such breaks. Median income around Amazon’s planned campus is $130,000, poverty is half the city average and new buildings were going up long before the tax overhaul.
Under the new tax law, officials in each state designated 8,700 such zones across the country that have high poverty and unemployment, and are in need of development.
The site of Amazon’s other new headquarters in Crystal City, Virginia, was not in an opportunity zone.