New York Budget Bill Takes State out of IRC Conformity on OZ Incentive

Tuesday, April 20, 2021 - 5:30am

New York Gov. Andrew Cuomo today signed budget legislation that includes a provision to take the state out of conformity with the Internal Revenue Code concerning the opportunity zones (OZ) incentive. The provision was included in a series of bills to make up the state’s budget for 2021-2022 fiscal year. For taxable years beginning Jan. 1, 2021, the OZ gain excludable from federal taxes is not excludable in New York state taxes.

The state of the OZ marketplace will be among the topics this Thursday and Friday at the Novogradac 2021 Spring Opportunity Zones Virtual Conference.