North Little Rock lies in the state of Arkansas which partially conforms with the federal tax code around taxation of capital gains, specifically following the provisions in Section 1400Z-2 of the IRC.
Out of the 23 census tracts that exist within, or partially within the city of North Little Rock 3 have been designated eligible for Qualified Opportunity Fund investment. This represents approximately 13.04% of the census tracts in the city. Of the zones that are eligible, 3 qualify as a low-income community. This means the poverty rate was above 20%, or that the median household income was below 80% of the state or metropolitan area’s median household income.
The remaining zones qualified as contiguous, meaning they were located adjacent to an eligible tract, and the median household income did not exceed 125% of that eligible tract. North Little Rock lies in the state of Arkansas which automatically conforms to the federal tax code as it is amended. Both the city and state have adopted the new Qualified Opportunity Zone provisions. Arkansas has 85 opportunity zones, which means North Little Rock contains 3.53% of the Qualified Opportunity Zones that exist within the state.
Simple & Easy to Understand