You get a federal exclusion/deferral, not a state one.
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What does the tax law mean for corporations in the nonconforming states of Massachusetts and Pennsylvania when it comes to OZ investments?
Since Massachusetts and Pennsylvania are nonconforming states for individual income tax purposes only, how does that impact companies that want to take advantage of the OZ incentive?
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If the state is not conforming, the taxpayer will get deferral at the federal level, but not at state level. The consequences may vary case by case, so you should seek guidance from a trusted advisor.
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