Where is HQ2 Going?
Remember all the news surrounding Amazon making another headquarters in New York? Well, that idea has been scrapped. Nevertheless, plans are still proceeding for the headquarters in Virginia. Virginia pitched several locations for Amazon to set up shop and it looks like the chosen location is an opportunity zone.
What is an Opportunity Zone?
From the TCJA, governors are now allowed to select up to a quarter of subdivisions of counties (unusually areas in economic distress) to receive subsidies. Then individuals or corporations that invest in those areas can, “defer capital gains on profits earned elsewhere and completely eliminate them on new investments.” In other words, Amazon would get a tax break.
So, do you think Amazon’s new data center should be built in an opportunity zone?
David Kocieniewski dives deeper into the topic with Bloomberg news here!
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