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Bill

S 3340

Relates to treatment of gains from qualified opportunity zones in calculating taxable income

2025 Regular Session Introduced by Jabari Brisport and 11 co-sponsors

Bill S 3340 incentivizes investment in economically distressed opportunity zones by altering tax treatment of gains, boosting job creation and local economic growth.

REFERRED TO WAYS AND MEANS
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Bill Summary · S 3340

Summary of Bill S 3340

Overview

Bill S 3340 aims to modify the treatment of gains derived from investments in qualified opportunity zones when calculating taxable income. This legislation is designed to encourage investment in economically distressed areas by providing tax incentives.

Purpose and Intent

The primary intent of Bill S 3340 is to enhance the attractiveness of qualified opportunity zones (QOZs) as investment destinations. By adjusting how gains from these zones are treated for tax purposes, the bill seeks to stimulate economic growth and development in underprivileged areas.

Key Provisions

  • Tax Treatment of Gains: The bill proposes specific changes to the calculation of taxable income by altering the treatment of gains from investments in QOZs. This may include deferring or reducing tax liabilities associated with these gains.
  • Encouragement of Investment: By providing favorable tax treatment, the bill aims to incentivize both individual and corporate investments in QOZs, thereby fostering job creation and economic revitalization in these regions.

Affected Parties

  • Investors: Individuals and corporations investing in QOZs will benefit from the proposed tax incentives, potentially leading to increased returns on their investments.
  • Communities in Opportunity Zones: The bill is expected to positively impact communities located within QOZs by attracting new businesses and capital, which can lead to job creation and improved local economies.

Legislative Timeline

  • Introduced: January 27, 2025
  • Passed Senate: June 5, 2025
  • Delivered to Assembly: June 5, 2025
  • Referred to Ways and Means: June 5, 2025
  • Advanced to Third Reading: May 22, 2025
  • Reported and Committed to Finance: February 11, 2025
  • Referred to Budget and Revenue: January 27, 2025

Related Legislation

  • S 6800: A prior-session bill that may have addressed similar issues.
  • S 543: Another prior-session bill relevant to the treatment of opportunity zone investments.
  • A 3246: A companion bill that may align with the objectives of S 3340.

Conclusion

Bill S 3340 represents a significant legislative effort to promote investment in qualified opportunity zones through favorable tax treatment of gains. By encouraging economic activity in these areas, the bill aims to support community development and enhance the overall economic landscape.

Compiled from official sources — confirm details with the bill’s official record.

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