More than three-quarters of all venture capital investment went to California, New York and Massachusetts last year.
A new bipartisan bill, the “Investing in Opportunity Act,” aims to spread the wealth by tapping the $2 trillion in unrealized capital gains in stocks and mutual funds.
The bill would set up “Opportunity Funds” in underserved “Opportunity Zones.” Investors could defer capital gains taxes by investing in the zones along with other investors. That would “increase the scale of capital while mitigating the risk to any individual investor,” according to John Lettieri and Steve Glickman of the Economic Innovation Group.
By: Dennis Price, Impact Alpha
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