Wall Street, with big tax breaks, sets sights on distressed main streets

Source: Matthew Goldstein & Jim Tankersley, N.Y.Times (Paid Registration)

More than 80 of the funds have sprung up since January 2018, even though the Trump administration has not finalized regulations governing them. Managers of the funds are seeking to raise huge sums of money by pitching investors on a combination of outsize returns and a feel-good role in fighting poverty.

The law permits an investor to roll over an unrealized capital gain — proceeds from the sale of stocks or a home, for instance — into an opportunity-zone fund. The fund can then put the money in a zone by investing in, say, a condo project or affordable-housing units.

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