Showing posts with label President Trump. Show all posts
Showing posts with label President Trump. Show all posts
Monday, January 20, 2025
Thursday, February 7, 2019
Gianaris finds exploitative faults with President Trump's "Opportunity Zones" real estate investment program
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NY Daily News
State
Sen. Michael Gianaris’ war on Amazon has led the Queens lawmaker to
target tax incentives tied to the Trump administration and meant to
spark investment in poorer neighborhoods.
Gianaris, whose Queens district includes the Long Island City blocks being eyed for the company’s proposed new outpost, announced legislation on Wednesday that would eliminate state tax breaks for capital gains when investing in federal Qualified Opportunity Zones.
“What was intended to benefit investment in economically distressed areas is now being used to boost investment in very wealthy area,” Gianaris said. “It’s completely bastardized the intent of the program and turned it on its head.”
The area around the waterfront site is one of 306 census tracts in the city that Gov. Cuomo recommended as “opportunity zones.” The Treasury Department signed off on the designations late last year.
The
company is already in line for $2.8 billion in grants and tax breaks
from New York state and the city. Lawmakers and labor leaders argue the
company is not doing enough to earn the incentives.
Gianaris
and other critics also contend separately that the Trump administration
program provides deep tax cuts to companies investing in already
gentrifying areas.
Meanwhile, a poll, conducted by HarrisX on behalf of Amazon, found 69% of New Yorkers approve of the internet retailer coming to the city, with 19% opposed.
Meanwhile, a poll, conducted by HarrisX on behalf of Amazon, found 69% of New Yorkers approve of the internet retailer coming to the city, with 19% opposed.
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