Gov. Murphy sees Palmyra as “Opportunity Zone”
Gov. Phil Murphy has recommended 75 cities and towns across the state, including five Burlington County municipalities, the Borough of Palmyra amongst them, be designated as “economic opportunity zones” under the new federal tax law. The governor’s administration submitted the municipalities to the U.S. Department of Treasury for consideration for the new designation, which is designed to spur development.
Under the law investors will be able to defer taxes for investing unrealized capital gains into so-called “opportunity funds” that can be tapped for development or business expansion in the designated zones. Those who invest in the funds will also be eligible for substantial tax breaks on those investments.
The law was co-authored by NJ Senator Cory Booker.
Only portions of the Borough are included in the Designated Opportunity Zone Tract but it does cover the entire Rt. 73 South Redevelopment Area.
To learn more about Opportunity Zones select the links below:
Five Burlington County towns recommended to become ‘opportunity zones’ (Burlington County Times)
Treasury, IRS Issue Guidance On Opportunity Zones To Spur Private Investment In Distressed Communities (US Treasury)
Will Opportunity Zones help distressed residents or be a tax cut for gentrification? (Brookings Institute)
Tucked Into the Tax Bill, a Plan to Help Distressed America (NY Times)
Developers Eager to Engage Federal Opportunity Zone Program (NJ Business & Industry Assn)
Opportunity Zones Provide New, If Flawed, Community Investment Vehicle (Non Profit Quarterly)