Sept. 12, 2019—The California state legislature adjourns tomorrow for the rest of 2019 without considering opportunity zones (OZ) state conformity legislation.
While 38 other states have followed federal form and allow for the waiver/elimination of capital gains on the sale of qualified property after 10 years in those states, California is NOT one of them.
The deadline to introduce legislation for consideration in the 2019 legislature was Sept. 10.
The next chance for the California state legislature to address OZ conformity will be when it reconvenes in January 2020.
If you have any OZ questions or comments, please let us know. bamolotsky@duanemorris.com