• 0
  • Home
  • About Us
  • What We Do

Shopping Cart

GPAM
  • Home
  • About Us
  • What We Do

Amazon won’t use the Opportunity Zone tax break for its NYC campus

Jeff Bezos and Long Island City (Credit: Getty Images and John Gillespie via Flickr)

Amazon won’t be taking advantage of the Opportunity Zone tax break in Long Island City.

The tech giant confirmed it won’t pursue the incentives for its planned campus in the Queens neighborhood, Bloomberg reported.

“We will not be using the Opportunity Zone on this project,” Holly Sullivan, head of economic development at Amazon, told the City Council in a Wednesday hearing.

The area in LIC where Amazon is planning its offices was designated as an Opportunity Zone last year. Under the program, investors can defer federal taxes on capital gains until Dec. 31, 2026, reduce that tax payment by as much as 15 percent and pay no taxes on possible profits from an opportunity fund if they hold onto the investment for 10 years. The initiative is part of the 2017 tax overhaul.

Amazon didn’t comment on whether others attached to the project, such as outside investors or future development partners, would seek to use the tax incentive, the report said.

As part of the bidding process the state’s Empire State Development and the city’s Economic Development Corporation offered up to $3 billion in tax breaks and a dozen sites in the state, including several in the city, according to previous reports.

Amazon has said it’s in no rush to add workers in LIC. The company expects to have 700 employees in the area next year and hit 25,000 by 2028. The firm said it will remodel its temporary offices before workers can move in, and it could take two years to break ground on the New York campus. [Bloomberg] — Meenal Vamburkar

Powered by WPeMatico

  • 31 January 2019
  • The Real Deal
  • Uncategorized
  •  Like
Rising Realty’s new CEO plans to invest $300M in properties outside LA →← The Cornfield’s latest project in Chinatown is a 3-story self-storage facility
  • Recent Posts

    • Mayor Karen Bass blasts everyone but herself for wildfire mishandling May 7, 2025
    • WEA, Beverly Hills Estates cut deal on $27M Malibu Colony home May 7, 2025
    • Oil firm eyes homes, hotel near Bolsa Chica wetlands in Huntington Beach May 7, 2025
    • Bankrupt Rite Aid to market 1.3K stores, including dozens in LA County May 7, 2025
    • Carolwood flexes with new LA pocket listings portal, boasting $1B+ in inventory May 7, 2025
  • Recent Comments

    • Archives

      • May 2025
      • April 2025
      • March 2025
      • February 2025
      • January 2025
      • December 2024
      • November 2024
      • October 2024
      • September 2024
      • August 2024
      • July 2024
      • June 2024
      • May 2024
      • April 2024
      • March 2024
      • February 2024
      • January 2024
      • December 2023
      • February 2023
      • January 2023
      • December 2022
      • November 2022
      • October 2022
      • September 2022
      • August 2022
      • July 2022
      • June 2022
      • May 2022
      • April 2022
      • March 2022
      • February 2022
      • January 2022
      • December 2021
      • November 2021
      • October 2021
      • September 2021
      • August 2021
      • July 2021
      • June 2021
      • May 2021
      • April 2021
      • March 2021
      • February 2021
      • January 2021
      • December 2020
      • November 2020
      • October 2020
      • September 2020
      • August 2020
      • July 2020
      • June 2020
      • May 2020
      • April 2020
      • March 2020
      • February 2020
      • January 2020
      • December 2019
      • November 2019
      • October 2019
      • September 2019
      • August 2019
      • July 2019
      • June 2019
      • May 2019
      • April 2019
      • March 2019
      • February 2019
      • January 2019
      • December 2018
      • November 2018
      • October 2018
      • September 2018
      • August 2018
      • July 2018
      • June 2018
      • May 2018
      • April 2018
      • March 2018
      • February 2018
      • January 2018
      • December 2017
    • Global Property and Asset Mangement, Inc.
      137 North Larchmont
      Los Angeles, California 90010
      +1 213-427-1127

    © 2025 GPAM