California Governor Proposes Partial State Conformity to Federal OZ Provisions

Friday, May 10, 2019 - 10:00am

California Gov. Gavin Newsom’s updated 2019-2020 budget request Thursday includes a provision to partially conform state tax laws to the federal tax code for the opportunity zones (OZ) incentive. Newsom’s budget request would make OZ investments in green technology and affordable housing match federal benefits for capital gains reduction and deferral. A previous budget request included complete conformity to the federal tax code. The California Legislature must pass a budget by June 15.