Full Name* Message* New York state Sen. Michael Gianaris (Getty, iStock)New York will no longer offer some state tax benefits to real estate investors funding Opportunity Zone projects, dealing another blow to the program and developers taking advantage of it.A measure pushed by New York state Sen. Michael Gianaris to decouple New York state’s capital gains tax code from the federal program was included in the recently passed state budget. The change means developers and investors cannot defer state taxes on profits from asset sales poured into Opportunity Zone funds.“Opportunity Zones are nothing more than a giveaway of public money to wealthy developers, and I’m glad New York took a stand against the much-abused program,” Gianaris said in a statement. The state’s action was previously reported by the New York Daily News.ADVERTISEMENTNew York joins North Carolina, California, Massachusetts and Mississippi in separating its state tax regime from the federal Opportunity Zones program.The program, which was created by Republicans’ 2017 tax overhaul, lets investors and developers defer or forgo some capital gains taxes by funding projects in any of 8,700 Opportunity Zones across the country.New York has 514 census tracts included in the program. Developers will still qualify for federal tax breaks for investing in those so-called distressed areas.Read moreHere’s what a President Biden would do to Opportunity Zones Unions, nonprofits push NY to drop Opportunity Zones NY pols take aim at Opportunity Zones Email Address* It’s unclear if there will be any immediate or major ramifications for Opportunity Zone projects in the state. Ken Weissenberg, a tax partner at EisnerAmper, said the elimination of the tax benefit makes New York more unfriendly to investors.“[It’s] another wedge to drive people out of New York,” said Weissenberg.But Daniel Ryan, a tax attorney at Sullivan & Worcester, believes that the impact of the state’s measure will be marginal. He said his clients are more interested in the federal tax benefit or whether a project makes financial sense.“I don’t think state tax moves the needle,” said Ryan.More than two dozen groups, including the New York State United Teachers and Communication Workers of America, recently wrote a memo supporting the elimination of the tax break. Those groups argued that the program could cost New York City and state up to $63 million in tax revenue during a “historic budget crisis.” (Legislators ultimately raised taxes $4.3 billion in passing a record-high $212 billion budget.)The program purports to uplift low-income communities, but critics say the only thing it does for sure is save developers money. A small number of areas where development was already occurring — such as Hudson Yards on Manhattan’s Far West Side, or parts of Long Island City — make up the bulk of Opportunity Zones in the city.President Joe Biden has said he intends to keep the Opportunity Zones program, but add transparency measures to see if it is actually helping low-income people.Contact Keith Larsen
Nigeria is hurting from a shortage of dollars and has been under pressure to devalue its currency, the Naira, ostensibly to reduce the widening gap between the parallel market and official exchange rates.The West African nation’s President, Muhamadu Buhari, has however rejected the move supported by the Central bank that refused to cave in to the pressure at its monetary policy committee meeting last week.The central bank made it clear this week that it will not seek to devalue the economy-Instead it has put in place a raft of measure to control hard cash out flows. Stopping importers of around 40 items from toothpicks to glass and wheelbarrows from buying foreign exchange.Restricting the use of local debit cards overseas; lowering Automatic Teller Machine withdrawal limits and barring Nigerians from depositing hard currencies into their domiciliary accounts.President Muhamaddu Buhari too echoed the anti devaluation stand-Saying devaluation would only pile more hardship on the majority poor.
Ole Miss defensive back Tee Shepard returns an interception against Fresno State last Saturday. Shepard will miss the first half of Saturday’s game against No. 2 Alabama after being ejected following a targeting call against the Bulldogs.OXFORD — The Ole Miss secondary won’t have cornerback Tee Shepard for the first half of Saturday’s game against Alabama, but the Rebels will be adding a safety.Shepard is out following a targeting ejection from last Saturday’s 73-21 home win against Fresno State. Ole Miss coach Hugh Freeze said he spoke with the SEC office Monday morning about the call but that the punishment wouldn’t be overturned.“We would like for him to be out there in the first half with us,” Rebels cornerback Kendarius Webster said. “But due to the fact that he’s not, we have to step up and take responsibility.“Me and Tony [Conner] have been practicing hard since fall camp and in the film room since Sunday. We should be ready.”Sophomore C.J. Hampton is returning from a two-game suspension when the No. 15 Rebels play at the No. 2 Crimson Tide on ESPN at 8:15 p.m. He recorded 10 tackles in 13 games last season.“We thought he and Trae [Elston] would share time at free safety, so kind of a co-starter in there,” Rebels defensive coordinator Dave Wommack said. “Obviously, Trae’s got a lot more experience, but C.J.’s done a great job for us in fall camp of getting people lined up and executing his assignment and tackling and other things.“I hate that he didn’t get to play in the first two games just from a standpoint of experience because he hasn’t played that much. I’m anxious to see him play.”Hampton, who also played on special teams last fall, earned the Jeff Hamm award, given to the team’s most improved defensive player throughout spring workouts.Contact Daniel Paulling at [email protected] Follow @DanielPaulling on Twitter.