Allows a subtraction from federal taxable income of the gain from the sale of opportunity zone property, defined as property in a low-income census tract developed for affordable housing and held for a stated period of time.

Summary

Digest: The Act exempts gain on the sale of certain property in a low-income census tract from tax. (Flesch Readability Score: 70.1). Allows a subtraction from federal taxable income of the gain from the sale of opportunity zone property, defined as property in a low-income census tract developed for affordable housing and held for a stated period of time. Applies to tax years beginning on or after January 1, 2025, and before January 1, 2031. Takes effect on the 91st day following adjournment sine die.