Corporate & Tax Partner Michael Wiener was quoted in Multi-Housing News and discussed how Opportunity Zone tax benefits pertain to the state of California.

Excerpts:

For Michael Wiener, a tax law attorney and OZ specialist at Greenberg Glusker, state conformity is what slams the brakes on the program’s wider adoption, particularly in California.

“California does not conform to the Opportunity Zone tax benefits,” Wiener said. “This means that the Opportunity Zone tax benefits are only available with respect to federal income tax, but not with respect to California state income tax.”

The highly technical format is not particularly intuitive, either, said Wiener. “The compliance and reporting requirements can be burdensome,” he added.

Resources

• Multi-Housing News