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November 15, 2018

Amazon's NYC site will get Trump tax break

  • Developers get capital gains tax breaks to invest in high-poverty, low-income “opportunity zones,” but critics say Long Island City is already gentrifying.
    • By BERNARD CONDON and STEPHEN BRAUN
    Associated Press

    NEW YORK — Much of the New York City neighborhood selected by Amazon for one of its new headquarters is in a federal “opportunity zone,” a designation created by President Donald Trump's tax overhaul that offers developers potentially millions of dollars in capital gains tax breaks to invest in high-poverty, low-income areas.

    Critics question whether Long Island City, the fast-gentrifying Queens neighborhood across the East River from the skyscrapers of Manhattan, needs such breaks.


     
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