Welcome to the quirky fine print inside President Trump’s signature tax overhaul, which has created more than 8,700 opportunity zones across the country.
Liquor stores can’t claim a hot new U.S. tax break designed to create jobs in poor communities. One of the biggest property developers for marijuana ventures says it can.
Researchers have pointed out, for example, that the new tax break might be used by makers of cigarettes and guns, as well as mining companies, despite their increasingly controversial effects on poor communities. Lawmakers wanted to empower states and local authorities to steer money to areas and projects they deem important, he said. If leaders in those places want to go further, they can layer on additional restrictions.
Treasury Secretary Steven T. Mnuchin has said that businesses selling marijuana shouldn’t qualify for the incentives. But Canna-Hub, which builds facilities for California’s booming pot industry, intends to use the perk to burnish returns on a newnear Williams, Calif. The property will include buildings designed for indoor cultivators, testing facilities and edibles manufacturers.
Although country clubs are out, a wide array of other luxury developments is chasing the break. In Houston, developers are erecting a high-end residential tower featuring a “sky amenity deck” on the 46th floor. It offers yoga lawns, shaded cabanas and barbecue grills around a swimming pool overlooking the downtown area. Others intend to use the tax perk for a new mall in Connecticut anchored by a Bloomingdale’s and a Nordstrom.
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