June 1, 2021
Last week, President Biden released his $6 trillion budget proposal, which included a capital gain tax increase from 23.8% to 43.4% for households with a combined income of $1 million or more. The proposed increase would take effect April 28, 2022. This controversial capital gain tax hike and its retroactive policy have been sharply criticized.
“Anything that is retroactive creates extra anxiety and extra uncertainty, and that would just slow down economic activity,” said David Solomon, Chief Executive of Goldman Sachs Group Inc. Importantly, president’s budgets rarely pass Congress, and instead serve to outline a president’s policy priorities. Their rationale for the increased taxes and spending was revealed in their “Green Book.”
At the state level, the New Jersey Economic Development Authority reopened registration for their Small Business Emergency Assistance Grant Program. The NJEDA will allocate over $200 million dollars in grants to small businesses and nonprofits who have been impacted by the COVID-19 pandemic. In similar fashion to their previous grant programs, the NJEDA has assigned one-third of funding to go towards businesses located within Opportunity Zones.
Capital Square, who most recently broke ground on Scott’s Collection II, has broken ground on their fourth Richmond, Virginia project, Scott’s Collection III. Located within an Opportunity Zone, this 72-unit, multifamily development will feature private balconies and communal indoor-outdoor space for residents.
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