What if I live in a state that doesn’t but invest in an OZ in a state that do conform?
This can be a misleading or complex question. You have to check state by state on the laws, but most states will tax you on your worldwide income (CA does). In other words, it doesn't matter what state the investment itself is in for CA purposes, as they would still tax you on capital gain invested in an OZ if you are a CA resident that files a CA resident tax return.
You may find several sites which provide you the information. Probably, HUD's site may have something on the topic.
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