According to a report from Pro Publica, Detroit Billionaire Dan Gilbert’s connection to the White House might have won his businesses big tax cuts. Gilbert donated $750,000 to President Trump’s inaugural fund.
Opportunity Zones are designed to encourage growth and investments in areas that need it. Downtown Detroit is the richest part of the city.
After the tax law was adjusted, “Gilbert’s companies own a substantial real estate investment in the Opportunity Zones. They have several major developments planned in the area that now qualify for the tax benefit and may see an increase in value as a result of getting this designation,” Ernsthausen says.
The report shows just how close Gilbert’s companies were with city, state and federal officials in getting these tax breaks. Read the ProPublica story here.