Upon closer inspection it appears that it only defers taxes for 8 years and then reduces them by a paltry 15%. I mean it could be really good if you already had a business idea that would work well in a low income area but purely as a tax avoidance scheme, seems questionable.
In addition, the "opportunity funds" you'd be investing in appear to grow tax-free, forever, and they can be restructured without losing their status. So, they're essentially treated like retirement accounts -- no taxes paid until you withdraw the gains. I can't run the numbers, but quite a lot of compounded growth is possible with this structure, because they operate tax-free.
However, I could not find any mention about bitcoin or cryptos here. That essentially means, you need to follow the existing federal guidelines that are there for crypto related investments. Company formation is obviously possible with greater level of tax reduction but for crypto, I don't think any special provisions have been given.
Yeah, AFAIK there's no way to apply or take advantage of these tax breaks with regard to past crypto investments. To me, this whole scheme is more about gentrification and pouring tax-free gains into real estate developer coffers.
