BoA Finance Committee Meeting

Tuesday, December 11, 2018

181211 finance cmte mtg

 

On Tuesday, December 11, US2 and the Union Square Neighborhood Council each gave substantive updates on CBA negotiation progress to the Board of Aldermen Finance Committee. Text of USNC's statement is available here. Statements from both were the first item on the agenda, and can be seen and heard in the video.  (The original video from the City is here.)

Following this first portion of the BoA Finance Committee meeting, the Somerville Office of Strategic Planning and Community Development gave a statement on their research into the potential impacts of "Opportunity Zone" designation on Union Square and Assembly Row, part of the Trump federal tax cut. Relevant portions of the BOA Finance Committee Meeting video are discussed starting at 25:42 (the entire video lasts one hour and eight minutes). A map of all Opportunity Zones in the country can be found here. A major result of the Opportunity Zone designation is a massive reduction in capital gains tax (sometimes resulting in zero tax) paid by investors in one of the zones.