In the months before Nipsey Hussle was gunned down, he was working to bring economic development to his neighborhood, but on his own terms. He wanted more for his community, but he wanted the changes to be driven from within.
Mourners in front of the Marathon Clothing store, the centerpiece of rapper Nipsey Hussle's plans to revitalize his neighborhood.
Hussle was part of an investment group that was planning to use a tax incentive carved out in a recent federal law to revive not only his neighborhood, but other forgotten, low-income communities in 11 cities, Washington, D.C. and Puerto Rico. And Hussle, an activist who has been hailed for never abandoning his ’hood even after earning a Grammy nomination, had also derived a way to have residents invest alongside him. The plan was to crowdfund from each community and give residents an ownership stake in every project created in their neighborhood.
Investors can take proceeds that would normally be subjected to hefty capital gains taxes — such as those from the sale of a business, stocks or an investment property — and put them into an opportunity zone investment fund to defer and potentially reduce those taxes. To see the full tax benefit, the funds must be invested for a decade.
John Lettieri, president and CEO of the Economic Innovation Group, part of a coalition that successfully lobbied Congress to create opportunity zones as part of the tax overhaul, acknowledged those concerns. That’s why, he said, it’s important that local governments and community groups draft strategies to protect residents.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Nipsey Hussle’s killing shook fans worldwide. It was one of 29 in South L.A. this yearThe death of Nipsey Hussle in March in front of Slauson Avenue storefront stirred an outpouring of grief worldwide. But he was one among 29 victims, mostly black and male, struck down in South L.A. homicides so far this year.
Read more »
Nipsey Hussle’s killing shook fans worldwide. It was one of 29 in South L.A. this yearThe death of Nipsey Hussle in March in front of Slauson Avenue storefront stirred an outpouring of grief worldwide. But he was one among 29 victims, mostly black and male, struck down in South L.A. homicides so far this year.
Read more »
Exclusive: Intelligence report refutes Trump’s claim that terrorists are pouring across the U.S.-Mexico borderThe report does suggest that violence from Mexican cartels against Defense Department personnel working on the southwest border could increase.
Read more »
Donald Trump’s Muslim Brotherhood terrorist designation could damage U.S. relationships across Middle East: ExpertsExperts argue that the designation could drive a wedge between the United States and legitimate democratic forces in the Middle East.
Read more »
Two U.S. warships sail in disputed South China SeaJUST IN: China's foreign ministry says Chinese navy warned U.S. ships sailing in South China Sea to leave; urges U.S. to stop such provocative acts. More here:
Read more »
Liberal megadonors plan $100 million swing-state blitz to beat TrumpThe country’s most powerful liberal donor club is reshaping its spending on the 2020 elections — playing down longtime relationships with groups in Washington and instead preparing to pour $100 million into key states to help defeat Trump
Read more »
U.S. and EU concerned by Turkey's plans to drill off CyprusThe United States and European Union have expressed deep concern over Turkey&03...
Read more »
China denies having 'concentration camps,' tells US to 'stop interfering'Beijing has rejected US accusations of operating 'concentration camps' in the western Chinese region of Xinjiang, with a government spokesman telling Washington Monday to 'stop interfering in Chinese domestic affairs.'
Read more »
NATO worried over Turkish plan to use Russian missile opposed by U.S.The consequences of Turkey's plans to deploy the Russian S-400 missile defe...
Read more »