Commerce official wants businesses to get Trump tax break
PROVIDENCE, R.I. (AP) — Rhode Island’s commerce secretary says he’s analyzing new regulations issued by the Trump administration about tax breaks for investing in low-income areas to ensure concerns by state economic development officials were considered.
Commerce Secretary Stefan Pryor said Thursday he and other state officials urged the administration to make sure tax breaks for investing in Opportunity Zones apply not only for real estate transactions but also for operating businesses.
Pryor attended a White House conference Wednesday where proposed regulations were unveiled to clear up confusion over how federal tax rules would be interpreted.
Pryor said he was told there was a revision to the regulations on the idea of tax breaks for businesses operating in zones. But he’s still reviewing precisely what they did to see whether the program will work as state officials had hoped.