Bradley attorney Brian Robbins was quoted in the Birmingham Business Journal on the Alabama Incentives Modernization (AIM) Act, which is a new federal tax program that provides tax benefits for investing unrealized capital gains into designated Opportunity Zones.
Robbins said the new law enables the state to directly support local opportunity zone projects in multiple ways.
“(It allows) certain state funds to invest in projects alongside other investors and (provides) investors with protection against poor returns by allocating tax credits to underperforming projects,” Robbins explained.
He added that he cautions investors that the new law only extends federal tax benefits for Alabama tax purposes if the investment is made in approved areas.
“Investors who want to receive Alabama income tax benefits should ensure that they invest in opportunity funds approved by ADECA,” Robbins said.
The complete article, “How Alabama's AIM Act could supercharge Opportunity Zones,” first appeared in the Birmingham Business Journal on June 12, 2019.