Section 31 Investments in Massachusetts Opportunity Zones 1

Section 1 of chapter 62 of the General Laws, as most recently amended by section 30 of chapter 126 of the acts of 2022, is hereby amended by striking out subsection (c) and inserting in its place the following subsection:-
         
          (c) "Code", the Internal Revenue Code of the United States, as amended on January 1, 2022 and in effect for the taxable year; but Code shall mean the Code as amended and in effect for the taxable year for sections 62(a)(1), 72, 105, 106, 108(f)(5), 139C, 223, 274(m), 274(n), 401 through 420, inclusive, 457, 529, 529A, 530, 951, 951A, 959, 961, 3401 and 3405 but excluding sections 402A and 408(q); and provided further that for purposes of section 1400Z, the term "qualified opportunity zone" shall mean an area located in Massachusetts that is designated as a qualified opportunity zone under said section 1400Z-2.

This section, together with a related section, limits certain state tax benefits to investments made only in federally-designated opportunity zones that are located in Massachusetts.