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Amazon's NYC home in 'opportunity zone' for Trump tax break

Amazon's NYC home in 'opportunity zone' for Trump tax break

5 years ago
Anonymous $L9wC17otzH

https://apnews.com/23882090569c4d0491a634b037a457e8

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 that 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, the fast-gentrifying Queens neighborhood across the East River from the skyscrapers of midtown Manhattan, needs such breaks. Median income around Amazon's planned campus is $130,000 a year, poverty is half the city average and new buildings were going up long before the tax overhaul.