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Tracie @traciemac_Bmore
, 7 tweets, 1 min read Read on Twitter
NEW: Kushners’ New Jersey Buying Spree Eligible for Trump Tax Perks - Bloomberg 1)…
this section of Long Branch, N.J., has been deemed an “opportunity zone,” a classification created in President Trump’s 2017 tax law, meant to spur investment in poor communities. 2)
Real estate developers are eligible for generous perks that include deferring some taxes and avoiding them altogether on future capital gains from projects in these areas if they own them for more than a decade. 3)
since the area received the designation in April, Kushner Cos., owned by the family of Trump’s son-in-law, Jared Kushner, has spent more than $13 million buying additional properties in the zone 4)
After the designation, the Kushners purchased the 24-room Bungalow Hotel for $9 million in May and spent $4.15 million in August on two single-family homes, all in the zone. 5)
Jared Kushner, who transferred many assets to family members when he became a White House adviser, was still a beneficiary of the company that bought the houses as of January, according to his most recent financial disclosure. 6)
Kushner Cos. would not say whether it plans to take advantage of the tax breaks. Even if it doesn’t, the opportunity zone designation could prove lucrative. Investors expect to see prices spike for the best development sites 7)
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