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{"sheet":"Calculation","index":0,"n_rows":71,"n_cols":15,"rows_kept":71,"cut":false,"hidden":false,"merged":[[69,1,69,16],[70,1,70,16]]}
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[]
[null,"This communication is not intended to constitute tax advice. You should seek advice based on your particular circumstances"]
[null," from your independent tax advisor. The information is subject to the Disclosure Statement below."]
[]
[null,"Hypothetical Calculation of Potential Tax Benefits of Qualified Opportunity Zone Investment"]
[]
[null,null,"Inputs",null,null,null,null,null,null,null,"Calculated Assumptions"]
[]
[null,null,"Initial Capital Gain/Commitment ($)",null,null,null,null,1000000,null,null,"LT Capital Gain Tax Rate",null,null,null,0.2]
[null,null,"Net Investment Income Tax",null,null,null,null,"Yes",null,null,"Net Investment Income Tax Rate",null,null,null,{"$f":"IF(H14=\"Yes\", 3.8%, 0%)","v":3.7999999999999999E-2}]
[null,null,"Taxpayer's State",null,null,null,null,"CT",null,null,"Federal Income Tax Rate",null,null,null,0.37]
[null,null,"Annual Growth for Non-QOF",null,null,null,null,0.09,null,null,"Taxpayer's State Tax Rate",null,null,null,{"$f":"VLOOKUP(H15, Index!$A$4:$B$54, 2, FALSE)","v":6.9900000000000004E-2}]
[null,null,"Year of Investment",null,null,null,null,2025,null,null,"State Conformity to OZ",null,null,null,{"$f":" VLOOKUP(H15, Index!$A$4:$D$54, 3, FALSE)","v":"Yes"}]
[null,null,null,null,null,null,null,null,null,null,"Growth for QOF",null,null,null,{"$f":"H16","v":0.09}]
[null,null,null,null,null,null,null,null,null,null,"Eligible for Step-Up in Basis",null,null,null,{"$f":"IF(2026-H17>=7, 15%, IF(2026-H17>=5, 10%, 0))","v":0}]
[]
[]
[null,null,"Illustration"]
[]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,"Non-QOF",null,"QOF"]
[null,null,"Investment Year: 2025"]
[null,null,"Capital Gain",null,null,null,null,null,null,null,null,null,{"$f":"H13","v":1000000},null,{"$f":"H13","v":1000000}]
[null,null,"Taxes",null,null,null,null,null,null,null,null,null,{"$f":"-(O13+O14+O16)*H13","v":-307900},null,{"$f":"-IF(O17=\"Yes\", 0, O27*O16)","v":0}]
[]
[null,null,"End of Deferral Period: 2026"]
[null,null,"Additional Step-Up in Basis",null,null,null,null,null,null,null,null,null,null,null,{"$f":"H13*O19","v":0}]
[null,null,"Taxes",null,null,null,null,null,null,null,null,null,0,null,{"$f":"-IF(O17=\"Yes\",(H13-O31)*(O13+O14+O16), (H13-O31)*(O13+O14))","v":-307900}]
[]
[null,null,"End of 10-Year Investment Period: 2034"]
[null,null,"Value of Investment",null,null,null,null,null,null,null,null,null,{"$f":"'Chart Backup'!R113","v":2367363.6745921182},null,{"$f":"'Chart Backup'!R13","v":2367363.6745921182}]
[null,null,"Tax Gain",null,null,null,null,null,null,null,null,null,{"$f":"M35-SUM(M27)","v":1367363.6745921182},null,{"$f":"O35-SUM(O27,O31)","v":1367363.6745921182}]
[null,null,"Taxes",null,null,null,null,null,null,null,null,null,{"$f":"-(O13+O14+O16)*M36","v":-421011.27540691319},null,{"$f":"-IF(O17=\"Yes\", 0,O36*O16)","v":0}]
[]
[null,null,"Amount Contributed Into the Fund",null,null,null,null,null,null,null,null,null,{"$f":"'Chart Backup'!H113","v":1000000},null,{"$f":"SUM(O27)","v":1000000}]
[null,null,"Total Taxes Paid",null,null,null,null,null,null,null,null,null,{"$f":"SUM(M28,M32,M37)","v":-728911.27540691313},null,{"$f":"SUM(O28,O32,O37)","v":-307900}]
[null,null,"Gross Pre-Tax IRR",null,null,null,null,null,null,null,null,null,{"$f":"'Chart Backup'!F118","v":8.9948561787605311E-2},null,{"$f":"'Chart Backup'!F17","v":8.9948561787605311E-2}]
[null,null,"Gross After Tax IRR",null,null,null,null,null,null,null,null,null,{"$f":"'Chart Backup'!F119","v":4.053151309490205E-2},null,{"$f":"'Chart Backup'!$F18","v":6.2578269839286785E-2}]
[null,null,null,null,null,null,null,null,null,null,null,null,"."]
[]
[null,null,"Limitations and Disclaimers (See Page 2 for Important Information)"]
[null,null,1,"Generally, the calculator uses the highest individual tax rate.  Individuals may be taxed at a lower rate."]
[null,null,{"$f":"C46+1","v":2},"Does not include certain state taxes such as millionaire taxes (e.g. California and Massachusetts)."]
[null,null,{"$f":"C47+1","v":3},"Does not include tax rates post 2025 and assumes future tax rates are equal to 2025 tax rates."]
[null,null,4,"State tax conformity to the Opportunity Zone program is subject to change.  "]
[null,null,{"$f":"C49+1","v":5},"Illustration is not intended to represent the rate of return on any particular investment. Actual investor experience may vary "]
[null,null,null,"significantly including a complete loss of principal."]
[null,null,{"$f":"C50+1","v":6},"Internal Rate of Return (IRR) calculations assume cash flows occur at the end of each calendar year and represents the discount rate that"]
[null,null,null,"would result in a net present value of zero, based on a 365-day year, for such cash flows.  "]
[null,null,7,"Tax assumptions and rates are based off of information as of July 9, 2025."]
[null,null,8,"Only for use for investments made into a Qualified Opportunity Zone Fund (\"QOF\") before January 1, 2027."]
[]
[null,null,"Assumptions"]
[null,null,1,"Calculations assume that the investor can't get a federal deduction for the state taxes for both taxes paid pre and post 2026 under the"]
[null,null,null,"Tax Cuts and Jobs Act and the One Big Beautiful Bill Act."]
[null,null,{"$f":"C58+1","v":2},"Illustration assumes that in both the QOF and Non-QOF scenarios the entire initial capital gain is reinvested and"]
[null,null,null,"associated taxes are paid out of pocket. In the Non-QOF scenario, original capital gain tax is paid at time of reinvestment "]
[null,null,null,"and in the QOF scenario, original capital gains tax is paid at the end of 2026."]
[null,null,{"$f":"C60+1","v":3},"Illustration assumes no income is distributed over the 10 years, and the entire return is in the form of capital appreciation. "]
[null,null,null,"This may not be representative of an actual investment in a QOF or Non-QOF investment. "]
[null,null,4,"Illustration assumes an exit after a 10 year hold period for both the QOF and Non-QOF scenarios."]
[null,null,5,"States that have specific state level opportunity zone requirements (e.g. CA, AL, DC) are treated as non-comforming states."]
[]
[]
[null,"Disclosure Statement"]
[null,"The material provided herein is for informational purposes only, is not tax advice and does not address the terms of any specific transaction or any specific circumstances of an investor and is being provided based on tax assumptions and rates as of July 9, 2025.\n\nNeither CIM Group, LLC (“CIM”) nor any of its affiliates is soliciting or recommending any action based on this material. It does not constitute an offer to sell or a solicitation of an offer to buy any interests in a Qualified Opportunity Zone investment offered by CIM or any other securities, notwithstanding that such securities may currently be offered. Any such offering of interests in a Qualified Opportunity Zone investment offered by CIM will be made only in accordance with the terms and conditions set forth in, and the material provided herein is qualified in its entirety by reference to, the PPM and the governing documents and subscription agreements in respect thereof (collectively, the “Agreements”), copies of each of which will be provided to each prospective investor upon request and should be reviewed carefully before making an investment in a Qualified Opportunity Zone investment offered by CIM (an “Investment”)."]
[null,"Each investor should consult with its own tax advisors regarding the tax consequences of the structure of its Investment. Neither CIM nor its advisors are providing any assurance, advice, or guidance regarding any of the foregoing or suggesting to any investor any particular structure for such Investment.\n\nProjected tax benefits of a Qualified Opportunity Zone investment or any particular tax structure presented are hypothetical and not indicative of future results, and there can be no assurances that any such projected tax benefits will be achieved or met.\n\nThe information provided herein is for informational purposes only and is intended solely for use by such recipients potential tax benefits resulting from a Qualified Opportunity Zone Investment. The information set forth herein does not purport to be complete, nor does CIM undertake any duty to update the information set forth herein (including, without limitation, any underlying tax limitations, tax rates, disclaimers and assumptions described above). Potential tax benefits of a Qualified Opportunity Zone investment and the results of any hypothetical calculation of tax benefits will vary depending on specific circumstances of and inputs from the recipient. The information presented herein was obtained from sources that CIM believes to be reliable and was prepared in good faith by CIM in response to your request, but CIM does not warrant its completeness or accuracy. Any opinions or assumptions expressed in this document may be subject to change without notice. Except as otherwise specifically set forth herein, the information and assumptions herein are as of the date hereof. For the avoidance of doubt, any underlying tax limitations, disclaimers and assumptions described above are based upon provisions of the Internal Revenue Code and U.S. Treasury Regulations, rulings and judicial decisions as of the date hereof, all of which are subject to change (possibly with retroactive effect), so as to result in U.S. federal income tax consequences different from those described above. CIM and its affiliates do not undertake to, and will not, update any such statements, and neither the delivery of any Agreement at any time nor any Investment shall under any circumstances create an implication that the information contained herein has been updated as of any time after the date hereof."]

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[]
[]
[null,"Indiv Tax Rate","State Conformity","Comments"]
["AK",0,"N/A"]
["AL",0.05,"No","5% but is it 0% for capital gain."]
["AR",3.9E-2,"No"]
["AZ",2.5000000000000001E-2,"Yes"]
["CA",0.123,"No","Does not include additional 1% millionaire tax."]
["CO",4.3999999999999997E-2,"Yes"]
["CT",6.9900000000000004E-2,"Yes"]
["DC",0.1075,"Yes"]
["DE",6.6000000000000003E-2,"Yes"]
["FL",0,"N/A"]
["GA",5.1900000000000002E-2,"Yes","will be reduced by .10% annually starting Jan. 1, 2025 until rate reaches 4.99%"]
["HI",0.11,"No"]
["IA",3.7999999999999999E-2,"Yes"]
["ID",5.2999999999999999E-2,"Yes"]
["IL",4.9500000000000002E-2,"Yes"]
["IN",0.03,"Yes"]
["KS",5.5800000000000002E-2,"Yes"]
["KY",0.04,"Yes"]
["LA",0.03,"Yes"]
["MA",0.05,"No","Except for STCG at 8.5%, 3% capital gains on start up companies, and additional income surcharge of 4% for millionaires"]
["MD",5.7500000000000002E-2,"Yes"]
["ME",7.1499999999999994E-2,"Yes"]
["MI",4.2500000000000003E-2,"Yes"]
["MN",9.8500000000000004E-2,"Yes"]
["MO",4.7E-2,"Yes"]
["MS",4.3999999999999997E-2,"No"]
["MT",5.8999999999999997E-2,"Yes"]
["NC",4.2500000000000003E-2,"No"]
["ND",2.5000000000000001E-2,"Yes"]
["NE",5.1999999999999998E-2,"Yes"]
["NH",0.03,"N/A","is this rate only for interest and dividends?"]
["NJ",0.1075,"Yes"]
["NM",5.8999999999999997E-2,"Yes"]
["NV",0,"N/A"]
["NY",0.109,"No"]
["OH",3.5000000000000003E-2,"Yes"]
["OK",4.7500000000000001E-2,"Yes"]
["OR",9.9000000000000005E-2,"Yes"]
["PA",3.0700000000000002E-2,"Yes"]
["RI",5.9900000000000002E-2,"Yes"]
["SC",6.2E-2,"Yes"]
["SD",0,"N/A"]
["TN",0,"N/A"]
["TX",0,"N/A"]
["UT",4.4999999999999998E-2,"Yes"]
["VA",5.7500000000000002E-2,"Yes"]
["VT",8.7499999999999994E-2,"Yes"]
["WA",0,"No"]
["WI",7.6499999999999999E-2,"Yes"]
["WV",4.82E-2,"Yes"]
["WY",0,"N/A"]

{"sheet":"PersonalIncomeTaxRate20241","index":2,"n_rows":66,"n_cols":4,"rows_kept":66,"cut":false,"hidden":true,"merged":[[0,0,1,3],[2,0,4,3],[5,0,6,3],[7,0,11,3],[65,0,66,4]]}
["Last Run:  May 3, 2024"]
[]
["Personal Income Tax Rate--2024"]
[]
[]
["Tax Type:Personal Income"]
[]
["This chart shows the personal income tax rate for the 2024 tax year."]
[]
[]
[]
[]
["State","Personal Income Tax Rate--2024","Authority","Editorial Reference"]
["AK","N/A","N/A","N/A"]
["AL","Ranges from 2% to 5%.\n\nSingle persons, heads of family, and married persons filing separate returns: 2% on $0 to $500; 4% on $501 to $3,000; 5% on $3,001 and over.\n\nMarried filing joint return: 2% on $0 to $1000; 4% on $1001 to $6,000; 5% on $6,001 and over.","Ala. Code  §40-18-5","58,550"]
["AR","Ranges from 0% to 4.4%.\n\nAdjusted for inflation.\n\nThe personal income tax rates for every resident, individual, trust or estate having net income less than or equal to $87,000 are as follows: from $0 to $5,099, the tax rate is 0%; from $5,100 to $10,299, the tax rate is 2%; from $10,300 to $14,699, the tax rate is 3%; from $14,700 to $24,299, the tax rate is 3.4%; and from $24,300 to $87,000, the tax rate is 4.4%. The rates for every resident, individual, trust or estate having net income greater than $87,000 are as follows: from $0 to $4,400, the tax rate is 2%; from $4,401 to $8,800, the tax rate is 4%; and from $8,801 and above, the tax rate is 4.4%. Every resident, individual, trust or estate having net income greater than or equal to $87,001 but not greater than $90,800 must reduce the amount of income tax due by deducting a statutory bracket adjustment amount.","Ark. Code Ann.  §26-51-201(a)(2)(A);Ark. Code Ann.  §26-51-201(a)(2)(B);Ark. Code Ann.  §26-51-201(a)(2)(C);Ark. Code Ann.  §26-51-201(a)(3);Ark. Code Ann.  §26-51-201(d)(1)","58,550"]
["AZ","2.5%\n\nFor tax year 2023 and beyond, there are no optional or X and Y tax tables to post due to Arizona's flat tax rate of 2.5%.","Ariz. Rev. Stat. Ann.  §43-1011(A)(7);News and Announcements, Ariz. Dept. of Rev., 12/14/2022","58,550"]
["CA","Ranges from 1% to 12.3%.\n\nAlso, there is an additional tax of 1% on taxable income exceeding $1 million. This additional tax is the mental heath services tax and is also known as the millionaire tax.","Cal. Rev. & Tax. Cd.  §17041(a);Cal. Rev. & Tax. Cd.  §17043;Cal. Constitution Art. XIII  §36(f)(2);Cal. Constitution Art. XIII  §36(f)(3)","58,550"]
["CO","4.4%.","Colo. Rev. Stat.  §39-22-104(1.7)(c)","58,550"]
["CT","2%, 4.5%, 5.5%, 6%, 6.5%, 6.9%, 6.99%.\n\nFor single filers, if Connecticut taxable income is not over $10,000, the tax rate is 2%. If taxable income is over $10,000 but not over $50,000, the tax is $200, plus 4.5% of the excess over $10,000. If taxable income is over $50,000 but not over $100,000, the tax is $2,000, plus 5.5% of the excess over $50,000. If taxable income is over $100,000 but not over $200,000, the tax is $4,750 plus 6% of the excess over $100,000. If taxable income is over $200,000 but not over $250,000, the tax is $10,750 plus 6.5% of the excess over $200,000. If taxable income is over $250,000 but not over $500,000, the tax is $14,000 plus 6.9% of the excess over $250,000. If taxable income is over $500,000, the tax is $31,250 plus 6.99% of the excess over $500,000.\nFuture rates: There is no enacted rate change at this time.","Conn. Gen. Stat.  §12-700","58,550"]
["DC","Ranges from 4% to 10.75%.","D.C. Code Ann.  §47-1806.03","58,550"]
["DE","Ranges from 2.2% to 6.6%.\n\nTaxable income of up to $2,000 = $0 tax; taxable income of over $2,000 but not over $5,000, tax = 2.2% on amounts over $2,000; taxable income of over $5,000 but not over $10,000, tax = 3.9% on amounts over $5,000; taxable income of over $10,000 but not over $20,000, tax = 4.8% on amounts over $10,000; taxable income of over $20,000 but not over $25,000, tax = 5.2% on amounts over $20,000; taxable income of over $25,000 but not over $60,000, tax = 5.55% on amounts over $25,000; taxable income of over $60,000, 6.6% on amounts over $60,000.","Del. Code Ann. 30  §1102(a)(14)","58,550"]
["FL","N/A","N/A","N/A"]
["GA","Flat rate of 5.39%.\nTo be reduced by 0.10% annually beginning on January 1, 2025, until the rate reaches 4.99%.","Ga. Code Ann.  §48-7-20 (a.1)(1)","58,550"]
["HI","Ranges from 1.4% to 11%.","Haw. Rev. Stat.  §235-51","58,550"]
["IA","Ranges from 4.40% to 5.70%.","Iowa Code  §422.5(1);2024 Interest Rates and Income Tax Brackets, Iowa Dept. of Rev., 10/25/2023","58,550"]
["ID","5.695%.\nUpdated:04/10/2024","Idaho Code  §63-3024","58,550"]
["IL","4.95%.","ILCS Chapter 35  §5/201(b)(5.2)","58,550"]
["IN","3.05%.","Ind. Code  §6-3-2-1","58,550"]
["KS","Ranges from 3.1% to 5.7%.\n\nSingle filers: If the taxable income (TI) is not over $15,000, the tax = 3.1% of Kansas taxable income; if the TI is over $15,000 but not over $30,000, the tax = $465 plus 5.25% of the excess over $15,000; if the TI is over $30,000, the tax = $1,252.50 plus 5.7% of the excess over $30,000.\n\nMarried filing jointly: If the taxable income (TI) is not over $30,000, the tax = 3.1% of Kansas taxable income If the TI is over $30,000 but not over $60,000, the tax = $930 plus 5.25% of excess over $30,000 If the TI is over $60,000, the tax = $2,505 plus 5.7% of excess over $60,000.","Kan. Stat. Ann.  §79-32,110(a)","58,550"]
["KY","4%.\n\nFor tax years beginning on or after January 1, 2024, the rate is 4% of net income.","Ky. Rev. Stat. Ann.  §141.020(2)","58,550"]
["LA","Ranges from 1.85% to 4.25%.\n\nThe tax rates for individuals are: 1.85% tax on the first $12,500 of net income exceeding allowable tax credits; 3.5% tax on the next $37,500 of net income; and 4.25%% tax on the amount of net income exceeding $50,000.","La. Rev. Stat. Ann.  §47:32(A)","58,550"]
["MA","5%.\n\nExcept for short-term capital gains taxed at 8.5%, gains on collectibles taxed at 12%, and capital gains earned on certain investments in start-up companies taxed at 3%. An additional 4% state income surtax is imposed on that portion of annual taxable income in excess of $1 million applicable to tax years beginning on or after January 1, 2023.","Mass. Gen. L. Chapter 62  §4;Mass. Gen. L. Chapter 62  §5A(a);Reduction in Personal Income Tax Rate, Exec. Office for Adm. and Finance, 12/13/2019;Massachusetts Technical Information Release No. 23-12, 11/15/2023; Instructions to Form 1, Massachusetts Resident Income Tax Form,59,505","58,550"]
["MD","Ranges from 2% to 5.75%.\n\nIndividuals other than spouses filing jointly, surviving spouses, or heads of household: 2% of Maryland taxable income of $1 through $1,000; 3% of Maryland taxable income of $1,001 through $2,000; 4% of Maryland taxable income of $2,001 through $3,000; 4.75% of Maryland taxable income of $3,001 through $100,000; 5% of Maryland taxable income of $100,001 through $125,000; 5.25% of Maryland taxable income of $125,001 through $150,000; 5.5% of Maryland taxable income of $150,001 through $250,000; 5.75% of Maryland taxable income in excess of $250,000.\n\nSpouses filing jointly, surviving spouses, or heads of household: 2% of Maryland taxable income of $1 through $1,000; 3% of Maryland taxable income of $1,001 through $2,000; 4% of Maryland taxable income of $2,001 through $3,000; 4.75% of Maryland taxable income of $3,001 through $150,000; 5% of Maryland taxable income of $150,001 through $175,000; 5.25% of Maryland taxable income of $175,001 through $225,000; 5.5% of Maryland taxable income of $225,001 through $300,000; 5.75% of Maryland taxable income in excess of $300,000.","Md. Code Ann. Tax-Gen.  §10-105(a)","58,550"]
["ME","Ranges from 5.8% to 7.15%.\n\nSingle individuals and married persons filing separate returns: a 5.8% rate is imposed on Maine taxable income less than $26,050; a 6.75% rate is imposed on Maine taxable income of $26,050 or more; and a 7.15% rate is imposed on Maine taxable income of $61,600 or more.\n\nHeads of households: a 5.8% rate is imposed on Maine taxable income less than $39,050; a 6.75% rate is imposed on Maine taxable income of $39,050 or more; and a 7.15% rate is imposed on Maine taxable income of $92,450 or more.\n\nJoint filers and surviving spouses: a 5.8% rate is imposed on Maine taxable income less than $52,100; a 6.75% rate is imposed on Maine taxable income of $52,100 or more; and a 7.15% rate is imposed on Maine taxable income of $123,250 or more.","Me. Rev. Stat. Ann. 36  §5111","58,550"]
["MI","4.25%.","Mich. Comp. Laws Ann.  §206.51(1)(b);News release, Mich. Dept. Treas., 02/28/2024;Notice: 4.25% Income Tax Rate for Individuals and Fiduciaries in 2024 Tax Year, Mich. Dept. Treas., 02/28/2024","58,550"]
["MN","Rate ranges from 5.35% to 9.85%, depending on taxpayer's taxable net income.\n\nIncome brackets, based on federal filing status, are adjusted annually for inflation.","Minn. Stat.  §290.06, Subd. 2c;Minn. Stat.  §290.06, Subd. 2d","58,550"]
["MO","Ranges from 2% to 4.8%.","Mo. Rev. Stat.  §143.011;2024 Missouri Withholding Tax Formula, Missouri Department of Revenue, 11/29/2023; Employer's Tax Guide, 14,510","58,550"]
["MS","Ranges from 0% to 4.7%.\n\nNo tax on the first $10,000 of taxable income; taxable income in excess of $10,000 is taxed at 4.7%.","Miss. Code Ann.  §27-7-5(1)","58,550"]
["MT","Rates range from 1% to 5.9%.\n\nMontana personal income tax is imposed based on seven income brackets, with rates ranging from 1% to 5.9%. These rates are adjusted annually for inflation.","Mont. Code Ann.  §15-30-2103;Montana Personal Income Tax Rates and Tables, 10/22/2022","58,550"]
["NC","4.5%.\n\nThe tax rate will decrease to 4.25% in 2025, and 3.99% for post-2025 tax years.","N.C. Gen. Stat.  §105-153.7","58,550"]
["ND","Rates range from 1.95% to 2.50%.\n\nSingle taxpayers have no tax on the first $44,725 of income; married taxpayers filing jointly and surviving spouses have no tax on the first $74,750 of income; married taxpayers filing separately have no tax on the first $37,375 of income; heads of households have no tax on the first $59,950 of income; and estates and trusts have no tax on the first $3,000 of income. Rates above these thresholds range from 1.95% to 2.5%.","N.D. Cent. Code  §57-38-30.3","58,550"]
["NE","Rates range from 2.46% to 5.84% (before Jan. 1, 2025).\n\nThe top rate is reduced to 5.20% for the 2025 tax year; 4.55% for the 2026 tax year; and 3.99% for the tax years on or after January 1, 2027.","Neb. Rev. Stat.  §77-2715.03(2)","58,550"]
["NH","4%.\n\nFor all taxable periods ending on or after December 31, 2023, the rate of tax is 4%. Tax applies to interest and dividends only.","N.H. Rev. Stat. Ann.  §77:1","58,550"]
["NJ","Ranges from 1.4% to 10.75%.\n\nTaxable income (TI) not over $20,000-1.400% of taxable income;\nTI over $20,000 but not over $35,000-$280 plus 1.750% of the excess over $20,000;\nTI over $35,000 but not over $40,000-$542.50 plus 3.500% of the excess over $35,000;\nTI over $40,000 but not over $75,000-$717.50 plus 5.525% of the excess over $40,000;\nTI over $75,000 but not over $500,000-$2,651.25 plus 6.370% of the excess over $75,000;\nTI over $500,000-$29,723.75 plus 8.97% of the excess over $500,000;\nTI over $1 million-$74,574 plus 10.75% of the excess over $1 million.","N.J. Rev. Stat.  §54A:2-1(a)(6);N.J. Rev. Stat.  §54A:2-1(b)(6)","58,550"]
["NM","Ranges from 1.7% to 5.9%.","NMSA 1978  §7-2-7(A)-NMSA 1978  §7-2-7(D)","58,550"]
["NV","N/A","N/A","N/A"]
["NY","Ranges from 4% to 10.90%.\n\nFor the 2024 tax year (unmarried individuals, married individuals filing separate returns, and estates and trusts), if New York taxable income (TI) is not over $8,500, the tax is 4%;\nIf TI is over $8,500 but not over $11,700, the tax is $340 plus 4.5% of excess over $8,500;\nIf TI is over $11,700 but not over $13,900, the tax is $484 plus 5.25% of excess over $11,700;\nIf TI is over $13,900 but not over $80,650, the tax is $600 plus 5.50% of excess over $13,900;\nIf TI is over $80,650 but not over $215,400, the tax is $4,271 plus 6% of excess over $80,650;\nIf TI is over $215,400, but not over $1,077,550, the tax is $12,356 plus 6.85% of excess over $215,400;\nIf TI is over $1,077,550, but not over $5,000,000, the tax is $71,413 plus 9.65% of excess over $1,077,550;\nIf TI is over $5,000,000, but not over $25,000,000, the tax is $449,929 plus 10.30% of excess over $5,000,000;\nIf TI is over $25,000,000, the tax is $2,509,929 plus 10.90% of excess over $25,000,000.","N.Y. Tax Law  §601(a)","58,550"]
["OH","Ranges from 2.75% to 3.5%.","Ohio Rev. Code Ann.  §5747.02(A)(3); L. 2023, H33, § 757.50, eff. 07/04/2023","58,550"]
["OK","Ranges from 0.25% to 4.75%.\n\nFor single filers:\n0.25% on the first $1,000 or part thereof;\n0.75% on next $1,500;\n1.75% on next $1,250;\n2.75% on next $1,150;\n3.75% on next $2,300; and\n4.75% on the remainder.","Okla. Stat. 68  §2355(C)","58,550"]
["OR","Ranges from 4.75% to 9.9%.","Or. Rev. Stat.  §316.037(1)","58,550"]
["PA","3.07%.","Pa. Stat. Ann. 72  §7302","58,550"]
["RI","Ranges from 3.75% to 5.99%.","R.I. Gen. Laws  §44-30-2.6(c)(3)(A)","58,550"]
["SC","Ranges from 3% to 6.3%.\nThe marginal rate will decrease by one-tenth of one percent each year until the top marginal tax rate is 6%, provided certain revenue conditions are met.","S.C. Code Ann.  §12-6-510(A);SC Withholding Tables Adjusted for Tax Cuts, S.C. Dept. of Rev., 12/15/2022","58,550"]
["SD","N/A","N/A","N/A"]
["TN","N/A","N/A","N/A"]
["TX","N/A","N/A","N/A"]
["UT","4.55%.\n\nA flat tax of 4.55% is imposed on individuals, estates, and trusts.","Utah Code Ann.  §59-10-104(1);Utah Code Ann.  §59-10-104(2);Utah Code Ann.  §59-10-205(1)","58,550"]
["VA","Ranges from 2% to 5.75%.","Va. Code Ann.  §58.1-320","58,550"]
["VT","Ranges from 3.35% to 8.75%.\n\nRate brackets are adjusted annually for inflation. Effective July 1, 2024, in addition to the income tax, a 0.44% tax is imposed on wages and a 0.11% tax is imposed on self-employment income to fund child care. Employers will be responsible for paying at least 75% of the 0.44% tax on wages and the remainder may be withheld from employees.","Vt. Stat. Ann. 32  §5822(a); Form IN-111 Instructions-Individual Income Tax Return Booklet,59,507","58,550"]
["WA","N/A","N/A","N/A"]
["WI","Rates range from 3.5% to 7.65%.","Wis. Stat.  §71.06(1q);Wis. Stat.  §73.03(71)(a)","58,550"]
["WV","Ranges from 2.36% to 5.12%.\nUpdated:03/09/2023","W. Va. Code  §11-21-4g","58,550"]
["WY","N/A","N/A","N/A"]
[" "]
["© 2024 Thomson Reuters/Tax & Accounting. All Rights Reserved."]

{"sheet":"PersonalIncomeTaxRate2025","index":3,"n_rows":94,"n_cols":5,"rows_kept":94,"cut":false,"hidden":true,"merged":[[93,0,94,4],[81,0,83,0],[81,1,83,1],[85,0,86,0],[85,1,86,1],[88,0,89,0],[88,1,89,1],[63,0,65,0],[63,1,65,1],[66,0,67,0],[66,1,67,1],[76,0,77,0],[76,1,77,1],[53,0,54,0],[53,1,54,1],[55,0,56,0],[55,1,56,1],[58,0,59,0],[58,1,59,1],[34,0,35,0],[34,1,35,1],[42,0,47,0],[42,1,47,1],[50,0,52,0],[50,1,52,1],[20,0,21,0],[20,1,21,1],[22,0,25,0],[22,1,25,1],[26,0,27,0],[26,1,27,1],[0,0,1,3],[2,0,4,3],[5,0,6,3],[7,0,11,3],[15,0,19,0],[15,1,19,1]]}
["Last Run:  Jul 9, 2025"]
[]
["Personal Income Tax Rate--2025"]
[]
[]
["Tax Type:Personal Income"]
[]
["This chart shows the personal income tax rate for the 2025 tax year."]
[]
[]
[]
[]
["State","Personal Income Tax Rate--2025","Authority","Editorial Reference","Changed"]
["AK","N/A","o N/A ","o N/A "]
["AL","Ranges from 2% to 5%.\nSingle persons, heads of family, and married persons filing separate returns: 2% on $0 to $500; 4% on $501 to $3,000; 5% on $3,001 and over.\n\nMarried filing joint return: 2% on $0 to $1000; 4% on $1001 to $6,000; 5% on $6,001 and over.","Ala. Code   § 40-18-5  ","58,550  "]
["AR","Ranges from 0% to 3.9%.\nAdjusted for inflation.\n\nThe personal income tax rates for every resident, individual, trust or estate having net income less than or equal to $89,600 are as follows: from $0 to $5,299, the tax rate is 0%; from $5,300 to $10,599, the tax rate is 2%; from $10,600 to $15,099, the tax rate is 3%; from $15,100 to $24,999, the tax rate is 3.4%; and from $25,000 to $89,600, the tax rate is 3.9%. The rates for every resident, individual, trust or estate having net income greater than $89,600 are as follows: from $0 to $4,500, the tax rate is 2%; and from $4,501 and above, the tax rate is 3.9%. Every resident, individual, trust or estate having net income greater than or equal to $89,601 but not greater than $92,700 must reduce the amount of income tax due by deducting a statutory bracket adjustment amount.","Ark. Code Ann.   § 26-51-201(a)(2)(A)  ","58,550  "]
[null,null,"Ark. Code Ann.   § 26-51-201(a)(2)(B)  "]
[null,null,"Ark. Code Ann.   § 26-51-201(a)(2)(C)  "]
[null,null,"Ark. Code Ann.   § 26-51-201(a)(3)  "]
[null,null,"Ark. Code Ann.   § 26-51-201(d)(1)  "]
["AZ","2.5%\nFor tax year 2023 and beyond, there are no optional or X and Y tax tables to post due to Arizona's flat tax rate of 2.5%.","Ariz. Rev. Stat. Ann.   § 43-1011(A)(7)  ","58,550  "]
[null,null,"o News and Announcements, Ariz. Dept. of Rev., 12/14/2022 "]
["CA","Ranges from 1% to 12.3%.\nAlso, there is an additional tax of 1% on taxable income exceeding $1 million. This additional tax is the mental heath services tax and is also known as the millionaire tax.","Cal. Rev. & Tax. Cd.   § 17041(a)  ","58,550  "]
[null,null,"Cal. Rev. & Tax. Cd.   § 17043  "]
[null,null,"Cal. Constitution Art.  XIII   § 36(f)(2)  "]
[null,null,"Cal. Constitution Art.  XIII   § 36(f)(3)  "]
["CO","4.4%.\nThe 2025 rate may be reduced by a specified percentage for a designated excess range if there is surplus tax revenue and the amount of the excess is greater than $300 million.","Colo. Rev. Stat.   § 39-22-104(1.7)(c)  ","58,550  "]
[null,null,"Colo. Rev. Stat.   § 39-22-627(1)(a)  "]
["CT","2%, 4.5%, 5.5%, 6%, 6.5%, 6.9%, 6.99%.\nFor single filers, if Connecticut taxable income is not over $10,000, the tax rate is 2%. If taxable income is over $10,000 but not over $50,000, the tax is $200, plus 4.5% of the excess over $10,000. If taxable income is over $50,000 but not over $100,000, the tax is $2,000, plus 5.5% of the excess over $50,000. If taxable income is over $100,000 but not over $200,000, the tax is $4,750 plus 6% of the excess over $100,000. If taxable income is over $200,000 but not over $250,000, the tax is $10,750 plus 6.5% of the excess over $200,000. If taxable income is over $250,000 but not over $500,000, the tax is $14,000 plus 6.9% of the excess over $250,000. If taxable income is over $500,000, the tax is $31,250 plus 6.99% of the excess over $500,000.\nFuture rates: There is no enacted rate change at this time.","Conn. Gen. Stat.   § 12-700  ","58,550  "]
["DC","Ranges from 4% to 10.75%.","D.C. Code Ann.   § 47-1806.03  ","58,550  "]
["DE","Ranges from 2.2% to 6.6%.\nTaxable income of up to $2,000 = $0 tax; taxable income of over $2,000 but not over $5,000, tax = 2.2% on amounts over $2,000; taxable income of over $5,000 but not over $10,000, tax = 3.9% on amounts over $5,000; taxable income of over $10,000 but not over $20,000, tax = 4.8% on amounts over $10,000; taxable income of over $20,000 but not over $25,000, tax = 5.2% on amounts over $20,000; taxable income of over $25,000 but not over $60,000, tax = 5.55% on amounts over $25,000; taxable income of over $60,000, 6.6% on amounts over $60,000.","Del. Code Ann. 30   § 1102(a)(14)  ","58,550  "]
["FL","N/A","o N/A ","o N/A "]
["GA","Flat rate of 5.19%To be reduced by 0.10% annually beginning on January 1, 2026, until the rate reaches 4.99%.","Ga. Code Ann.   § 48-7-20 (a.1)(1)  ","58,550  "]
["HI","Ranges from 1.4% to 11%.","Haw. Rev. Stat.   § 235-51  ","58,550  "]
["IA","Flat tax rate of 3.8%.","o Iowa Code   § 422.5(1)Iowa Code   § 422.5(1)(a) ","o 58,550 "]
[null,null,"o 2023 Changes to Iowa Individual Income Tax, 01/10/2023 "]
["ID","5.3%.","Idaho Code   § 63-3024  ","58,550  "]
["IL","4.95%.","ILCS Chapter 35   § 5/201(b)(5.2)  ","58,550  "]
["IN","3%.","Ind. Code   § 6-3-2-1  ","58,550  "]
["KS","Ranges from 5.2% to 5.58%.\nSingle filers: if the taxable income (TI) is not over $23,000, the tax is 5.2% of Kansas taxable income; if the TI is over $23,000, the tax is $1,196 plus 5.58% of the excess over $23,000.\n\nMarried filing jointly: if the taxable income (TI) is not over $46,000, the tax is 5.2% of Kansas taxable income; if the TI is over $46,000, the tax is $2,392 plus 5.58% of the excess over $46,000.","Kan. Stat. Ann.   § 79-32,110(a)  ","58,550  "]
["KY","4%.\nThe rate for tax year 2025 remains at 4% of net income.","o Ky. Rev. Stat. Ann.   § 141.020(2) ","o 58,550 "]
["LA","3%.\nThe tax rate is 3%, applicable to taxable periods beginning on and after January 1, 2025.","La. Rev. Stat. Ann.   § 47:32(A)  ","58,550  "]
["MA","5%.\nExcept for short-term capital gains taxed at 8.5%, long-term gains on collectibles taxed at 12%, and capital gains earned on certain investments in start-up companies taxed at 3%. An additional 4% state income surtax is imposed on that portion of annual taxable income in excess of $1 million applicable to tax years beginning on or after January 1, 2023.","Mass. Gen. L. Chapter 62   § 4  ","58,550  "]
[null,null,"Mass. Gen. L. Chapter 62   § 5A(a)  "]
[null,null,"o Massachusetts Technical Information Release No. 24-4 , 05/30/2024 "]
[null,null,"o Reduction in Personal Income Tax Rate, Exec. Office for Adm. and Finance, 12/13/2019 "]
[null,null,"o Massachusetts Technical Information Release No. 23-12 , 11/15/2023 "]
[null,null,"Instructions to Form 1, Massachusetts Resident Income Tax Form,59,505  "]
["MD","Ranges from 2% to 5.75%.\nIndividuals other than spouses filing jointly, surviving spouses, or heads of household: 2% of Maryland taxable income of $1 through $1,000; 3% of Maryland taxable income of $1,001 through $2,000; 4% of Maryland taxable income of $2,001 through $3,000; 4.75% of Maryland taxable income of $3,001 through $100,000; 5% of Maryland taxable income of $100,001 through $125,000; 5.25% of Maryland taxable income of $125,001 through $150,000; 5.5% of Maryland taxable income of $150,001 through $250,000; 5.75% of Maryland taxable income in excess of $250,000.\n\nSpouses filing jointly, surviving spouses, or heads of household: 2% of Maryland taxable income of $1 through $1,000; 3% of Maryland taxable income of $1,001 through $2,000; 4% of Maryland taxable income of $2,001 through $3,000; 4.75% of Maryland taxable income of $3,001 through $150,000; 5% of Maryland taxable income of $150,001 through $175,000; 5.25% of Maryland taxable income of $175,001 through $225,000; 5.5% of Maryland taxable income of $225,001 through $300,000; 5.75% of Maryland taxable income in excess of $300,000.","Md. Code Ann. Tax-Gen.   § 10-105(a)  ","58,550  "]
["ME","Ranges from 5.8% to 7.15%.\nSingle individuals and married persons filing separate returns: a 5.8% rate is imposed on Maine taxable income less than $26,800; a 6.75% rate is imposed on Maine taxable income of $26,800 or more; and a 7.15% rate is imposed on Maine taxable income of $63,450 or more.\n\nHeads of households: a 5.8% rate is imposed on Maine taxable income less than $40,200; a 6.75% rate is imposed on Maine taxable income of $40,200 or more; and a 7.15% rate is imposed on Maine taxable income of $95,150 or more.\n\nJoint filers and surviving spouses: a 5.8% rate is imposed on Maine taxable income less than $53,600; a 6.75% rate is imposed on Maine taxable income of $53,600 or more; and a 7.15% rate is imposed on Maine taxable income of $126,900 or more.","Me. Rev. Stat. Ann. 36   § 5111  ","58,550  "]
["MI","4.25%.","Mich. Comp. Laws Ann.   § 206.51(1)(b)  ","58,550  "]
[null,null,"o New Developments for Tax Year 2024, Mich. Dept. Teas., 01/17/2025 "]
[null,null,"o Notice: 4.25% Income Tax Rate for Individuals and Fiduciaries in 2025 Tax Year, Mich. Dept. Treas., 05/01/2025 "]
["MN","Rate ranges from 5.35% to 9.85%, depending on taxpayer's taxable net income.\nIncome brackets, based on federal filing status, are adjusted annually for inflation.","Minn. Stat.   § 290.06, Subd. 2c  ","58,550  "]
[null,null,"Minn. Stat.   § 290.06, Subd. 2d  "]
["MO","Ranges from 2% to 4.7%.","Mo. Rev. Stat.   § 143.011  ","58,550  "]
[null,null,"News Release, Office of Governor Michael L. Parson, 07/30/2024  "]
["MS","Ranges from 0% to 4.4%.\nNo tax on the first $10,000 of taxable income; taxable income in excess of $10,000 is taxed at 4.4%.","Miss. Code Ann.   § 27-7-5(1)  ","58,550  "]
["MT","Rates range from 4.7% to 5.9%.\nMontana personal income tax is imposed based on two income brackets, with rates of 4.7% and 5.9%. The two bracket amounts are adjusted annually for inflation.","Mont. Code Ann.   § 15-30-2103  ","58,550  "]
[null,null,"o 2025 Montana Personal Income Tax Rates and Tables, 12/01/2024 "]
["NC","4.25%.\nThe tax rate will decrease to 3.99% for post-2025 tax years.","N.C. Gen. Stat.   § 105-153.7  ","58,550  "]
["ND","Rates range from 1.95% to 2.50%.\nSingle taxpayers have no tax on the first $44,725 of income; married taxpayers filing jointly and surviving spouses have no tax on the first $74,750 of income; married taxpayers filing separately have no tax on the first $37,375 of income; heads of households have no tax on the first $59,950 of income; and estates and trusts have no tax on the first $3,000 of income. Rates above these thresholds range from 1.95% to 2.5%.","N.D. Cent. Code   § 57-38-30.3  ","58,550  "]
["NE","Rates range from 2.46% to 5.20% (before Jan. 1, 2026).\nThe top rate is reduced to 4.55% for the 2026 tax year; and 3.99% for the tax years on or after January 1, 2027.","Neb. Rev. Stat.   § 77-2715.03(2)  ","58,550  "]
["NH","3%.\nEffective January 1, 2025, for taxable periods beginning after December 31, 2024, the interest and dividends tax is repealed. Accordingly, for taxable periods beginning after December 31, 2024, interest and dividends tax is no longer computed on a taxpayer's gross income from interest and dividends. The annual tax on income derived from interest and dividends is 3% percent for all taxable periods ending on December 31, 2024.","N.H. Rev. Stat. Ann.   § 77:1, III  ","58,550  "]
[null,null,"N.H. Rev. Stat. Ann.   § 77:3, I  "]
[null,null,"o New Hampshire Technical Information Release No. 2025-001 , 01/21/2025 "]
["NJ","Ranges from 1.4% to 10.75%.\nTaxable income (TI) not over $20,000-1.400% of taxable income;\nTI over $20,000 but not over $35,000-$280 plus 1.750% of the excess over $20,000;\nTI over $35,000 but not over $40,000-$542.50 plus 3.500% of the excess over $35,000;\nTI over $40,000 but not over $75,000-$717.50 plus 5.525% of the excess over $40,000;\nTI over $75,000 but not over $500,000-$2,651.25 plus 6.370% of the excess over $75,000;\nTI over $500,000-$29,723.75 plus 8.97% of the excess over $500,000;\nTI over $1 million-$74,574 plus 10.75% of the excess over $1 million.","N.J. Rev. Stat.   § 54A:2-1(a)(6)  ","58,550  "]
[null,null,"N.J. Rev. Stat.   § 54A:2-1(b)(6)  "]
["NM","Ranges from 1.5% to 5.9%.","NMSA 1978   § 7-2-7(A)-NMSA 1978   § 7-2-7(D)  ","58,550  "]
["NV","N/A","o N/A ","o N/A "]
["NY","Ranges from 4% to 10.90%.\nFor the 2025 tax year (unmarried individuals, married individuals filing separate returns, and estates and trusts), if New York taxable income (TI) is not over $8,500, the tax is 4%;\nIf TI is over $8,500 but not over $11,700, the tax is $340 plus 4.5% of excess over $8,500;\nIf TI is over $11,700 but not over $13,900, the tax is $484 plus 5.25% of excess over $11,700;\nIf TI is over $13,900 but not over $80,650, the tax is $600 plus 5.50% of excess over $13,900;\nIf TI is over $80,650 but not over $215,400, the tax is $4,271 plus 6% of excess over $80,650;\nIf TI is over $215,400, but not over $1,077,550, the tax is $12,356 plus 6.85% of excess over $215,400;\nIf TI is over $1,077,550, but not over $5,000,000, the tax is $71,413 plus 9.65% of excess over $1,077,550;\nIf TI is over $5,000,000, but not over $25,000,000, the tax is $449,929 plus 10.30% of excess over $5,000,000;\nIf TI is over $25,000,000, the tax is $2,509,929 plus 10.90% of excess over $25,000,000.","N.Y. Tax Law   § 601(a)  ","58,550  "]
["OH","Ranges from 2.75% to 3.5%.","Ohio Rev. Code Ann.   § 5747.02(A)(3)  ","58,550  "]
["OK","Ranges from 0.25% to 4.75%.\nFor single filers:\n0.25% on the first $1,000 or part thereof;\n0.75% on next $1,500;\n1.75% on next $1,250;\n2.75% on next $1,150;\n3.75% on next $2,300; and\n4.75% on the remainder.","Okla. Stat. 68   § 2355(C)  ","58,550  "]
["OR","Ranges from 4.75% to 9.9%.","Or. Rev. Stat.   § 316.037(1)  ","58,550  "]
["PA","3.07%.","Pa. Stat. Ann. 72   § 7302  ","58,550  "]
["RI","Ranges from 3.75% to 5.99%.","R.I. Gen. Laws   § 44-30-2.6(c)(3)(A)  ","58,550  "]
["SC","Ranges from 3% to 6.2%.The marginal rate will decrease by one-tenth of one percent each year until the top marginal tax rate is 6%, provided certain revenue conditions are met.","S.C. Code Ann.   § 12-6-510(A)  ","58,550  "]
[null,null,"o SC Withholding Tables Adjusted for Tax Cuts, S.C. Dept. of Rev., 12/15/2022 "]
["SD","N/A","o N/A ","o N/A "]
["TN","N/A","o N/A ","o N/A "]
["TX","N/A","o N/A ","o N/A "]
["UT","4.50%.\nFor taxable years beginning on or after January 1, 2025, the rate has decreased from 4.55% to 4.50%. A flat tax of 4.50% is imposed on individuals, estates, and trusts.","Utah Code Ann.   § 59-10-104(1)  ","58,550  "]
[null,null,"Utah Code Ann.   § 59-10-104(2)  "]
[null,null,"Utah Code Ann.   § 59-10-205(1)  "]
["VA","Ranges from 2% to 5.75%.","Va. Code Ann.   § 58.1-320  ","58,550  "]
["VT","Ranges from 3.35% to 8.75%.\nRate brackets are adjusted annually for inflation. Effective July 1, 2024, in addition to the income tax, a 0.44% tax is imposed on wages and a 0.11% tax is imposed on self-employment income to fund child care. Employers will be responsible for paying at least 75% of the 0.44% tax on wages and the remainder may be withheld from employees.","Vt. Stat. Ann. 32   § 5822(a)  ","58,550  "]
[null,null,"Form IN-111 Instructions-Individual Income Tax Return Booklet,59,507  "]
["WA","N/A","o N/A ","o N/A "]
["WI","Rates range from 3.5% to 7.65%.","Wis. Stat.   § 71.06(1q)  ","58,550  "]
[null,null,"Wis. Stat.   § 73.03(71)(a)  "]
["WV","Ranges from 2.22% to 4.82%.","W. Va. Code   § 11-21-4i  ","58,550  "]
["WY","N/A","o N/A ","o N/A "]
[" "]
["© 2025 Thomson Reuters/Tax & Accounting. All Rights Reserved."]

{"sheet":"State Conformity ","index":4,"n_rows":131,"n_cols":5,"rows_kept":131,"cut":false,"hidden":true,"merged":[[124,0,126,0],[124,1,126,1],[124,2,126,2],[124,4,126,4],[127,0,129,0],[127,1,129,1],[127,2,129,2],[128,4,129,4],[117,0,119,0],[117,1,119,1],[117,2,119,2],[117,4,119,4],[120,0,122,0],[120,1,122,1],[111,0,114,0],[111,1,114,1],[111,2,114,2],[111,4,114,4],[115,0,116,0],[115,1,116,1],[115,2,116,2],[115,4,116,4],[120,2,122,2],[120,4,122,4],[106,0,107,0],[106,1,107,1],[106,2,107,2],[106,4,107,4],[109,0,110,0],[109,1,110,1],[109,2,110,2],[109,4,110,4],[101,0,103,0],[101,1,103,1],[101,2,103,2],[101,4,103,4],[104,0,105,0],[104,1,105,1],[104,2,105,2],[104,4,105,4],[96,0,97,0],[96,1,97,1],[96,2,97,2],[96,4,97,4],[98,0,100,0],[98,1,100,1],[98,2,100,2],[98,4,100,4],[90,0,92,0],[90,1,92,1],[90,2,92,2],[90,4,92,4],[93,0,95,0],[93,1,95,1],[93,2,95,2],[94,4,95,4],[84,0,86,0],[84,1,86,1],[84,2,86,2],[85,4,86,4],[87,0,89,0],[87,1,89,1],[87,2,89,2],[88,4,89,4],[79,0,81,0],[79,1,81,1],[79,2,81,2],[79,4,81,4],[82,0,83,0],[82,1,83,1],[82,2,83,2],[82,4,83,4],[72,0,73,0],[72,1,73,1],[72,2,73,2],[72,4,73,4],[75,0,78,0],[75,1,78,1],[75,2,78,2],[76,4,78,4],[66,0,68,0],[66,1,68,1],[66,2,68,2],[66,4,68,4],[69,0,71,0],[69,1,71,1],[69,2,71,2],[70,4,71,4],[61,0,62,0],[61,1,62,1],[61,2,62,2],[61,4,62,4],[63,0,65,0],[63,1,65,1],[63,2,65,2],[64,4,65,4],[54,0,56,0],[54,1,56,1],[54,2,56,2],[55,4,56,4],[57,0,60,0],[57,1,60,1],[57,2,60,2],[57,4,60,4],[50,0,51,0],[50,1,51,1],[50,2,51,2],[50,4,51,4],[52,0,53,0],[52,1,53,1],[52,2,53,2],[52,4,53,4],[45,0,47,0],[45,1,47,1],[45,2,47,2],[45,4,47,4],[48,0,49,0],[48,1,49,1],[48,2,49,2],[48,4,49,4],[39,0,41,0],[39,1,41,1],[39,2,41,2],[39,4,41,4],[42,0,44,0],[42,1,44,1],[42,2,44,2],[42,4,44,4],[34,0,35,0],[34,1,35,1],[34,2,35,2],[34,4,35,4],[36,0,38,0],[36,1,38,1],[36,2,38,2],[36,4,38,4],[29,0,31,0],[29,1,31,1],[29,2,31,2],[29,4,31,4],[32,0,33,0],[32,1,33,1],[32,2,33,2],[32,4,33,4],[23,0,24,0],[23,1,24,1],[23,2,24,2],[23,4,24,4],[25,0,27,0],[25,1,27,1],[25,2,27,2],[25,4,27,4],[19,0,20,0],[19,1,20,1],[19,2,20,2],[19,4,20,4],[21,0,22,0],[21,1,22,1],[21,2,22,2],[21,4,22,4],[13,0,14,0],[13,1,14,1],[13,2,14,2],[13,4,14,4],[16,0,18,0],[16,1,18,1],[16,2,18,2],[16,4,18,4],[9,0,10,0],[9,1,10,1],[9,2,10,2],[9,4,10,4],[11,0,12,0],[11,1,12,1],[11,2,12,2],[11,4,12,4],[0,0,0,4],[2,0,2,4],[4,0,4,4],[6,0,8,0],[6,1,8,1],[6,2,8,2],[6,4,8,4]]}
["CCH® State Tax SmartCharts"]
[]
["Business Income Tax> Calculation of Income> Modifications> Opportunity Zones—IRC §1400Z-1 and IRC §1400Z-2"]
[]
["Taxpayers may elect to defer gain on the sale or exchange of property if the taxpayer reinvests the gain in a qualified opportunity zone under IRC Secs. 1400Z-1 and 1400Z-2. The proceeds must be reinvested within 180 days of the sale or exchange in a qualified opportunity zone fund. The gain may be deferred until the earlier of:\n• the tax year in which the investment is sold or exchanged; or\n• December 31, 2026.\nA 10% exclusion of the deferred gain is allowed if the investment is held for at least 5 years. The exclusion amount is 15% if held for more than 7 years. If held for at least 10 years, the taxpayer can treat the basis on the date of sale as the fair market value.\n\nA qualified opportunity zone is a low income community designated as such by the U.S. Treasury after being nominated by a state governor.\n\nThis chart shows whether each state and the District of Columbia recognizes federal deferral of gain on opportunity zone investments."]
["JURISDICTION","OPPORTUNITY ZONES—IRC §1400Z-1 AND IRC §1400Z-2","COMMENT","CITATION","CCH EXPLANATION"]
["Alabama","Yes, if investment is in an approved Alabama Department of Economic and Community Affairs Qualified Opportunity Zone Fund.","","Form 20C Instructions, Corporation Income Tax Return","Alabama 10-510"]
[null,null,null,"Alabama Code §40-18-6.1"]
[null,null,null,"Alabama Code §440-18-8.1"]
["Alaska","Yes, same as federal treatment.","","Form 6000 Instructions, Corporation Net Income Tax Return","Alaska 10-510"]
[null,null,null,"Alaska Stat. §43.20.021"]
["Arizona","Yes, same as federal treatment.","","Ariz. Rev. Stat. §43-105","Arizona 10-510"]
[null,null,null,"Form 120 Instructions, Corporation Income Tax Return"]
["Arkansas","Yes, if qualified opportunity zone is located in state.","","Form AR1100CT Instructions, Corporation Income Tax Return","Arkansas 10-510"]
[null,null,null,"Ark. Code Ann. §26-51-460"]
["California","No","","Form 100 Instructions, Corporation Franchise or Income Tax Return","California 10-510"]
["Colorado","Yes, same as federal treatment.","","Colo. Rev. Stat. §39-22-304(1)","Colorado 10-510"]
[null,null,null,"Form 112 Instructions, C Corporation Income Tax Return"]
[null,null,null,"FYI Income 58"]
["Connecticut","Yes, same as federal treatment.","","Form CT-1120 Instructions, Corporation Business Tax Return","Connecticut 10-510"]
[null,null,null,"Conn. Gen. Stat. §12-217"]
["Delaware","Yes, same as federal treatment.","","Del. Code Ann. tit. 30, §1903","Delaware 10-510"]
[null,null,null,"Form CIT-TAX Instructions, Corporation Income Tax Return"]
["District of Columbia","Yes, same as federal treatment.","","D.C. Code Ann. §47-1803.02","District of Columbia 10-510"]
[null,null,null,"Form D-20 Instructions, Corporation Franchise Tax Return"]
["Florida","Yes, same as federal treatment.","","Form F-1120 Instructions, Corporate Income/Franchise and Emergency Excise Tax Return","Florida 10-510"]
[null,null,null,"Fla. Stat. ch. 220.13"]
[null,null,null,"Fla. Admin. Code Ann. r. 12C-1.013"]
["Georgia","Yes, same as federal treatment.","","Ga. Code Ann. §48-7-21(a)","Georgia 10-510"]
["Hawaii","Yes, except state limits scope to opportunity zones designated by the governor.","","Haw. Rev. Stat. §235-2.3","Hawaii 10-510"]
[null,null,null,"Form N-30 Instructions, Corporation Income Tax Return"]
[null,null,null,"Haw. Rev. Stat. §235-2.45(k)"]
["Idaho","Yes, same as federal treatment.","","Idaho Code §63-3022","Idaho 10-510"]
[null,null,null,"Form 41 Instructions, Corporation Income Tax Return"]
["Illinois","Yes, same as federal treatment.","","Form IL-1120 Instructions, Corporation Income and Replacement Tax Return","Illinois 10-510"]
[null,null,null,"35 ILCS 5/203(b)"]
["Indiana","Yes, same as federal treatment.","","Ind. Code §6-3-1-3.5","Indiana 10-510"]
[null,null,null,"Ind. Code §6-3-1-11"]
[null,null,null,"Form IT-20 Instructions, Corporate Adjusted Gross Income Tax Return"]
["Iowa","Yes, same as federal treatment.","","Iowa Code §422.3(5)","Iowa 10-510"]
[null,null,null,"Form IA 1120 Instructions, Corporation Income Tax Return"]
[null,null,null,"Iowa Code §422.32(1)"]
["Kansas","Yes, same as federal treatment.","","Kan. Stat. Ann. §79-32,138(c)(v)","Kansas 10-510"]
[null,null,null,"Form K-120 Instructions, Corporation Income Tax Return"]
[null,null,null,"Kan. Stat. Ann. §79-32,109"]
["Kentucky","Yes, same as federal treatment.","","Ky. Rev. Stat. Ann. §141.039","Kentucky 10-510"]
[null,null,null,"Form 720 Instructions, Corporation Income Tax Return"]
[null,null,null,"Ky. Rev. Stat. Ann. §141.010"]
["Louisiana","Yes, same as federal treatment.","","La. Rev. Stat. Ann. §47:287.701","Louisiana 10-510"]
[null,null,null,"Form CIFT-620 Instructions, Corporation Income Tax Return"]
["Maine","Yes, same as federal treatment.","","Form 1120ME Instructions, Corporate Income Tax Return","Maine 10-510"]
[null,null,null,"Me. Rev. Stat. Ann. tit. 36,  §111.1-A"]
["Maryland","Yes, same as federal treatment.","","Md. Code Ann. §10-108","Maryland 10-510"]
[null,null,null,"Form 500 Instructions, Corporation Income Tax Return"]
["Massachusetts","Yes, same as federal treatment.","","Mass. Gen. Laws ch. 63, §30(4)","Massachusetts 10-510"]
[null,null,null,"Mass. Gen. Laws ch. 63, §38(a)","Massachusetts 10-690"]
[null,null,null,"TIR 19-7"]
["Michigan","Yes, same as federal treatment.","","Mich. Comp. Laws §208.1109(3)","Michigan 10-510"]
[null,null,null,"Mich. Comp. Laws §206.623"]
[null,null,null,"Mich. Comp. Laws §206.607(1) and (6)"]
[null,null,null,"Form 4891, Corporate Income Tax Annual Return"]
["Minnesota","Yes, same as federal treatment.","","Minn. Stat. §289A.02(7)","Minnesota 10-510"]
[null,null,null,"Minn. Stat. §290.21(4)"]
["Mississippi","No","","Miss. Code. Ann. §27-7-15(4)","Mississippi 10-510"]
[null,null,null,"Miss. Code. Ann. §27-7-17(1)","Mississippi 10-515"]
[null,null,null,"Form 83-100 Instructions, Corporate Income and Franchise Tax Return"]
["Missouri","Yes, same as federal treatment.","","Mo. Rev. Stat. §143.091","Missouri 10-510"]
[null,null,null,"Form MO-1120 Instructions, Corporation Income Tax Return"]
[null,null,null,"Mo. Rev. Stat. §143.431"]
["Montana","Yes, same as federal treatment.","","Mont. Code Ann. §15-31-113","Montana 10-510"]
[null,null,null,"Baker Bancorporation, Inc. v. DOR","Montana 10-515"]
[null,null,null,"Form  CIT Instructions, Corporate Income Tax Return"]
["Nebraska","Yes, same as federal treatment.","","Neb. Rev. Stat. §49-801.01","Nebraska 10-510"]
[null,null,null,"Form 1120N Instructions, Corporation Income Tax Return"]
["Nevada","N/A, because state does not tax general business corporation income.","",null,"Nevada 10-001"]
["New Hampshire","No","","N.H. Rev. Stat. Ann. §77-A:1","New Hampshire 10-510"]
[null,null,null,"N.H. Rev. Stat. Ann. §77-A:4","New Hampshire 10-690"]
[null,null,null,"TIR 2019-002"]
[null,null,null,"Form NH-1120 Instructions, Corporate Business Profits Tax Return and Schedule IV"]
["New Jersey","Yes, same as federal treatment.","","Form CBT-100 Instructions, Corporation Business Tax Return","New Jersey 10-510"]
[null,null,null,"N.J. Stat. Ann. §54:10A-4"]
[null,null,null,"N.J. Admin. Code tit. 18, §18:7-5.2"]
["New Mexico","Yes, same as federal treatment.","","Form CIT-1 Instructions, Corporate Income and Franchise Tax Return","New Mexico 10-510"]
[null,null,null,"N.M. Stat. Ann. §7-2A-2(C) and (G)"]
["New York","No","","Form CT-3 Instructions, General Business Corporation Franchise Tax Return","New York 10-510"]
[null,null,null,"Preliminary Report on TCJA","New York 10-640"]
[null,null,null,"N.Y. Tax Law, §208"]
["North Carolina","No","","Form CD-405 Instructions, Corporation Tax Return","North Carolina 10-510"]
[null,null,null,"N.C. Gen. Stat. §150-130.5(a)(26) and (27)","North Carolina 10-640"]
[null,null,null,"N.C. Gen. Stat. §150-130.5(b)(30)"]
["North Dakota","Yes, same as federal treatment.","","N.D. Cent. Code §57-38-01.5","North Dakota 10-510"]
[null,null,null,"N.D. Cent. Code §57-38-01.3"]
[null,null,null,"Form 40, Corporation Income Tax Return"]
["Ohio","Yes, same as federal treatment.","An income tax credit for investments in Ohio-designated opportunity zones is allowed for individuals, trusts, estates, and pass-through entities.\n\nWe recommend you reference cited authority for more information.","Ohio Rev. Code Ann. §5701.11","Ohio 14-130"]
[null,null,null,"Ohio Rev. Code Ann. §5751.02","Ohio 16-830a"]
[null,null,null,"Ohio Rev. Code Ann. §5751.01"]
["Oklahoma","Yes, same as federal treatment.","","Okla. Stat. tit. 68, §2353(2)","Oklahoma 10-510"]
[null,null,null,"Form 512 Instructions, Corporation Income Tax Return"]
["Oregon","Yes, same as federal treatment.","","Form 20-I Instructions, Corporation Income Tax Return","Oregon 10-510"]
[null,null,null,"Form 20 Instructions, Corporation Excise Tax Return"]
[null,null,null,"Or. Rev. Stat. §317.010(7)"]
["Pennsylvania","Yes, same as federal treatment.","","72 P.S. §7401(3)1","Pennsylvania 10-510"]
[null,null,null,"Form RCT-101 Instructions, Corporate Tax Report"]
[null,null,null,"Pennsylvania Tax Bulletin"]
["Rhode Island","Yes, with modifications.","","Form RI-1120C Instructions, Business Corporation Tax Return","Rhode Island 10-510"]
[null,null,null,"RI Gen Laws Sec. 44-11-11(e)"]
["South Carolina","Yes, same as federal treatment.","","S.C. Code Ann. §12-6-40(A)(1)","South Carolina 10-510"]
[null,null,null,"Form SC 1120 Instructions, Corporation Income Tax Return"]
["South Dakota","N/A, because state does not tax general business corporation income.","",null,"South Dakota 14-001"]
["Tennessee","Yes, same as federal treatment.","","Tenn. Code Ann. §67-4-2006","Tennessee 10-510"]
[null,null,null,"Form FAE 170 Instructions, Franchise, Excise Tax Return"]
["Texas","No statutory, regulatory, or administrative guidance.","","Tex. Tax Code Ann. §171.0001(9)","Texas 10-510"]
[null,null,null,"Tex. Tax Code Ann. §171.1011"]
[null,null,null,"Tex. Admin. Code §3.587(d)(1)(B)(ii) and (iv)"]
[null,null,null,"Form 05-905 Instructions, Franchise Tax Report Information and Instructions"]
["Utah","Yes, same as federal treatment.","","Form TC-20 Instructions, Corporation Franchise or Income Tax Return","Utah 10-510"]
[null,null,null,"Utah Code Ann. §59-7-101(20)"]
["Vermont","Yes, same as federal treatment.","","Vt. Stat. Ann. tit. 32, §5811(18)","Vermont 10-510"]
[null,null,null,"Form CO-411 Instructions, Corporate Income Tax Return"]
[null,null,null,"Vt. Stat. Ann. tit. 32, §5824"]
["Virginia","Yes, same as federal treatment.","","Va. Code. Ann. §58.1-301","Virginia 10-510"]
[null,null,null,"Form 500 Instructions, Corporation Income Tax Return"]
[null,null,null,"23 Va. Admin. Code § 10-120-100"]
["Washington","N/A, because state does not tax general business corporation income.","",null,"Washington 10-001"]
["West Virginia","Yes, same as federal treatment.","A deduction for certain income from business activity in state opportunity zones may also be allowed.\n\nWe recommend you reference cited authority for more information.","W. Va. Code. §11-24-6","West Virginia 10-510"]
[null,null,null,"W. Va. Code. §11-24-6b"]
[null,null,null,"Form CIT-120 Instructions, Corporation Net Income Tax Return"]
["Wisconsin","Yes, same as federal treatment.","An additional capital gain exclusion or basis adjustment is allowed for investments in a Wisconsin qualified opportunity fund, applicable to taxable years beginning after 2019.\n\nWe recommend you reference cited authority for more information.","Wis. Stat. §71.01(13)","Wisconsin 10-510"]
[null,null,null,"Wis. Stat. §71.05 (25m)","Wisconsin 10-910"]
[null,null,null,"Fact Sheet 1121"]
["Wyoming","N/A, because state does not tax general business corporation income.","",null,"Wyoming 10-001"]

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[]
[]
[]
[null,null,null,"CIM Opportnuity Zone Tax Hypotheticals",null,null,"Year",0,{"$f":"H4+1","v":1},2,3,4,5,6,7,8,9,10]
[null,null,null,null,null,null,null,{"$f":"Calculation!H17","v":2025},{"$f":"H5+1","v":2026},2027,2028,2029,2030,2031,2032,2033,2034,2035]
[null,null,null,"$000s",null,null,null,{"$f":"DATE(H5,12,31)","v":"2025-12-31"},"2026-12-31","2027-12-31","2028-12-31","2029-12-31","2030-12-31","2031-12-31","2032-12-31","2033-12-31","2034-12-31","2035-12-31"]
[]
[null,null,null,"2019 Fund Entry",null,"Date","Rate"]
[null,null,null,"Contribution",null,"Hold",10,{"$f":"-Calculation!H13","v":-1000000}]
[null,null,null,"Basis Adj.",null,null,{"$f":"Calculation!O19","v":0},{"$f":"H9*(1-G10)","v":-1000000}]
[null,null,null,"Deferred Cap Gain Tax ",null,2026,0.23799999999999999,{"$f":"IF(H5=$F$11,Calculation!$O$32,0)","v":0},{"$f":"IF(I5=$F$11,Calculation!$O$32,0)","v":-307900},{"$f":"IF(J5=$F$11,Calculation!$O$32,0)","v":0},{"$f":"IF(K5=$F$11,Calculation!$O$32,0)","v":0},{"$f":"IF(L5=$F$11,Calculation!$O$32,0)","v":0},{"$f":"IF(M5=$F$11,Calculation!$O$32,0)","v":0},{"$f":"IF(N5=$F$11,Calculation!$O$32,0)","v":0},{"$f":"IF(O5=$F$11,Calculation!$O$32,0)","v":0},{"$f":"IF(P5=$F$11,Calculation!$O$32,0)","v":0},{"$f":"IF(Q5=$F$11,Calculation!$O$32,0)","v":0},{"$f":"IF(R5=$F$11,Calculation!$O$32,0)","v":0}]
[null,null,null,"State Tax (net of federal benefit)",null,null,null,{"$f":"Calculation!O28","v":0},null,null,null,null,null,null,null,null,null,{"$f":"Calculation!O37","v":0}]
[null,null,null,"NAV",null,"Growth",{"$f":"Calculation!H16","v":0.09},{"$f":"-H9","v":1000000},{"$f":"H13*(1+$G$13)","v":1090000},1188100,1295029,1411581.61,1538623.9549000002,1677100.1108410005,1828039.1208166906,1992562.641690193,2171893.2794423103,2367363.6745921182]
[null,null,null,"Total",null,null,null,{"$f":"H9+H11+IF(H4=$G$9,H13,0)","v":-1000000},-307900,0,0,0,0,0,0,0,0,{"$f":"R9+R11+IF(R4=$G$9,R13,0)+R12","v":2367363.6745921182}]
[null,null,null,"Pre-Tax ",null,null,null,{"$f":"H9","v":-1000000},null,null,null,null,null,null,null,null,null,{"$f":"R13","v":2367363.6745921182}]
[]
[null,null,null,"Pre-Tax IRR",null,{"$f":"XIRR(H15:R15,H6:R6)","v":8.9948561787605311E-2}]
[null,null,null,"IRR",null,{"$f":"XIRR(H14:R14,H6:R6)","v":6.2578269839286785E-2}]
[null,null,null,"MOIC",null,{"$f":"SUMIF(H14:R14,\">\"&0)/-SUMIF(H14:R14,\"<\"&0)","v":1.8100494491873371}]
[]
[null,null,null,"CIM Opportnuity Zone Tax Hypotheticals",null,null,"Year",0,{"$f":"H21+1","v":1},2,3,4,5,6,7,8,9,10]
[null,null,null,null,null,null,null,2020,{"$f":"H22+1","v":2021},2022,2023,2024,2025,2026,2027,2028,2029,2030]
[null,null,null,"$000s",null,null,null,{"$f":"DATE(H22,12,31)","v":"2020-12-31"},"2021-12-31","2022-12-31","2023-12-31","2024-12-31","2025-12-31","2026-12-31","2027-12-31","2028-12-31","2029-12-31","2030-12-31"]
[]
[null,null,null,"2020 Fund Entry ",null,"Date","Rate"]
[null,null,null,"Contribution",null,"Hold",10,-1000000]
[null,null,null,"Basis Adj.",null,null,0.1,{"$f":"H26*(1-G27)","v":-900000}]
[null,null,null,"Deferred Cap Gain Tax ",null,2026,0.23799999999999999,{"$f":"IF(H22=$F$28,$H$27*$G$28,0)","v":0},0,0,0,0,0,-214200,0,0,0,0]
[null,null,null,"NAV",null,"Growth",0.09,{"$f":"-H26","v":1000000},{"$f":"H29*(1+$G$85)","v":1090000},1188100,1295029,1411581.61,1538623.9549000002,1677100.1108410005,1828039.1208166906,1992562.641690193,2171893.2794423103,2367363.6745921182]
[null,null,null,"Total",null,null,null,{"$f":"H26+H28+IF(H21=$G$9,H29,0)","v":-1000000},0,0,0,0,0,-214200,0,0,0,2367363.6745921182]
[]
[null,null,null,"IRR",null,{"$f":"XIRR(H30:R30,H23:R23)","v":7.5954112410545352E-2}]
[null,null,null,"MOIC",null,{"$f":"SUMIF(H30:R30,\">\"&0)/-SUMIF(H30:R30,\"<\"&0)","v":1.9497312424576827}]
[]
[null,null,null,"CIM Opportnuity Zone Tax Hypotheticals",null,null,"Year",0,{"$f":"H35+1","v":1},2,3,4,5,6,7,8,9,10]
[null,null,null,null,null,null,null,2021,{"$f":"H36+1","v":2022},2023,2024,2025,2026,2027,2028,2029,2030,2031]
[null,null,null,"$000s",null,null,null,{"$f":"DATE(H36,12,31)","v":"2021-12-31"},"2022-12-31","2023-12-31","2024-12-31","2025-12-31","2026-12-31","2027-12-31","2028-12-31","2029-12-31","2030-12-31","2031-12-31"]
[]
[null,null,null,"2021 Fund Entry ",null,"Date","Rate"]
[null,null,null,"Contribution",null,"Hold",10,-1000000]
[null,null,null,"Basis Adj.",null,null,0.1,{"$f":"H40*(1-G41)","v":-900000}]
[null,null,null,"Deferred Cap Gain Tax ",null,2026,0.23799999999999999,{"$f":"IF(H36=$F$42,$H$41*$G$42,0)","v":0},0,0,0,0,-214200,0,0,0,0,0]
[null,null,null,"NAV",null,"Growth",0.09,{"$f":"-H40","v":1000000},{"$f":"H43*(1+$G$43)","v":1090000},1188100,1295029,1411581.61,1538623.9549000002,1677100.1108410005,1828039.1208166906,1992562.641690193,2171893.2794423103,2367363.6745921182]
[null,null,null,"Total",null,null,null,{"$f":"H40+H42+IF(H35=$G$9,H43,0)","v":-1000000},0,0,0,0,-214200,0,0,0,0,2367363.6745921182]
[]
[null,null,null,"IRR",null,{"$f":"XIRR(H44:R44,H37:R37)","v":7.4900183081626909E-2}]
[null,null,null,"MOIC",null,{"$f":"SUMIF(H44:R44,\">\"&0)/-SUMIF(H44:R44,\"<\"&0)","v":1.9497312424576827}]
[]
[null,null,null,"CIM Opportnuity Zone Tax Hypotheticals",null,null,"Year",0,{"$f":"H49+1","v":1},2,3,4,5,6,7,8,9,10]
[null,null,null,null,null,null,null,2022,{"$f":"H50+1","v":2023},2024,2025,2026,2027,2028,2029,2030,2031,2032]
[null,null,null,"$000s",null,null,null,{"$f":"DATE(H50,12,31)","v":"2022-12-31"},"2023-12-31","2024-12-31","2025-12-31","2026-12-31","2027-12-31","2028-12-31","2029-12-31","2030-12-31","2031-12-31","2032-12-31"]
[]
[null,null,null,"2022 Fund Entry ",null,"Date","Rate"]
[null,null,null,"Contribution",null,"Hold",10,-1000000]
[null,null,null,"Basis Adj.",null,null,0,{"$f":"H54*(1-G55)","v":-1000000}]
[null,null,null,"Deferred Cap Gain Tax ",null,2026,0.23799999999999999,{"$f":"IF(H50=$F$56,$H$55*$G$56,0)","v":0},0,0,0,-238000,0,0,0,0,0,0]
[null,null,null,"NAV",null,"Growth",0.09,{"$f":"-H54","v":1000000},{"$f":"H57*(1+$G$57)","v":1090000},1188100,1295029,1411581.61,1538623.9549000002,1677100.1108410005,1828039.1208166906,1992562.641690193,2171893.2794423103,2367363.6745921182]
[null,null,null,"Total",null,null,null,{"$f":"H54+H56+IF(H49=$G$9,H57,0)","v":-1000000},0,0,0,-238000,0,0,0,0,0,2367363.6745921182]
[]
[null,null,null,"IRR",null,{"$f":"XIRR(H58:R58,H51:R51)","v":7.2031363844871535E-2}]
[null,null,null,"MOIC",null,{"$f":"SUMIF(H58:R58,\">\"&0)/-SUMIF(H58:R58,\"<\"&0)","v":1.9122485255186739}]
[]
[null,null,null,"CIM Opportnuity Zone Tax Hypotheticals",null,null,"Year",0,{"$f":"H63+1","v":1},2,3,4,5,6,7,8,9,10]
[null,null,null,null,null,null,null,2023,{"$f":"H64+1","v":2024},2025,2026,2027,2028,2029,2030,2031,2032,2033]
[null,null,null,"$000s",null,null,null,{"$f":"DATE(H64,12,31)","v":"2023-12-31"},"2024-12-31","2025-12-31","2026-12-31","2027-12-31","2028-12-31","2029-12-31","2030-12-31","2031-12-31","2032-12-31","2033-12-31"]
[]
[null,null,null,"2023 Fund Entry ",null,"Date","Rate"]
[null,null,null,"Contribution",null,"Hold",10,-1000000]
[null,null,null,"Basis Adj.",null,null,0,{"$f":"H68*(1-G69)","v":-1000000}]
[null,null,null,"Deferred Cap Gain Tax ",null,2026,0.23799999999999999,{"$f":"IF(H64=$F$70,$H$69*$G$70,0)","v":0},0,0,-238000,0,0,0,0,0,0,0]
[null,null,null,"NAV",null,"Growth",0.09,{"$f":"-H68","v":1000000},{"$f":"H71*(1+$G$85)","v":1090000},1188100,1295029,1411581.61,1538623.9549000002,1677100.1108410005,1828039.1208166906,1992562.641690193,2171893.2794423103,2367363.6745921182]
[null,null,null,"Total",null,null,null,{"$f":"H68+H70+IF(H63=$G$9,H71,0)","v":-1000000},0,0,-238000,0,0,0,0,0,0,2367363.6745921182]
[]
[null,null,null,"IRR",null,{"$f":"XIRR(H72:R72,H65:R65)","v":7.0800748467445371E-2}]
[null,null,null,"MOIC",null,{"$f":"SUMIF(H72:R72,\">\"&0)/-SUMIF(H72:R72,\"<\"&0)","v":1.9122485255186739}]
[]
[null,null,null,"CIM Opportnuity Zone Tax Hypotheticals",null,null,"Year",0,{"$f":"H77+1","v":1},2,3,4,5,6,7,8,9,10]
[null,null,null,null,null,null,null,2024,{"$f":"H78+1","v":2025},2026,2027,2028,2029,2030,2031,2032,2033,2034]
[null,null,null,"$000s",null,null,null,{"$f":"DATE(H78,12,31)","v":"2024-12-31"},"2025-12-31","2026-12-31","2027-12-31","2028-12-31","2029-12-31","2030-12-31","2031-12-31","2032-12-31","2033-12-31","2034-12-31"]
[]
[null,null,null,"2024 Fund Entry ",null,"Date","Rate"]
[null,null,null,"Contribution",null,"Hold",10,-1000000]
[null,null,null,"Basis Adj.",null,null,0,{"$f":"H82*(1-G83)","v":-1000000}]
[null,null,null,"Deferred Cap Gain Tax ",null,2026,0.23799999999999999,{"$f":"IF(H78=$F$84,$H$83*$G$84,0)","v":0},0,-238000,0,0,0,0,0,0,0,0]
[null,null,null,"NAV",null,"Growth",0.09,{"$f":"-H82","v":1000000},{"$f":"H85*(1+$G$85)","v":1090000},1188100,1295029,1411581.61,1538623.9549000002,1677100.1108410005,1828039.1208166906,1992562.641690193,2171893.2794423103,2367363.6745921182]
[null,null,null,"Total",null,null,null,{"$f":"H82+H84+IF(H77=$G$9,H85,0)","v":-1000000},0,-238000,0,0,0,0,0,0,0,2367363.6745921182]
[]
[null,null,null,"IRR",null,{"$f":"XIRR(H86:R86,H79:R79)","v":6.9552019238471971E-2}]
[null,null,null,"MOIC",null,{"$f":"SUMIF(H86:R86,\">\"&0)/-SUMIF(H86:R86,\"<\"&0)","v":1.9122485255186739}]
[]
[null,null,null,"CIM Opportnuity Zone Tax Hypotheticals",null,null,"Year",0,{"$f":"H91+1","v":1},2,3,4,5,6,7,8,9,10]
[null,null,null,null,null,null,null,2025,{"$f":"H92+1","v":2026},2027,2028,2029,2030,2031,2032,2033,2034,2035]
[null,null,null,"$000s",null,null,null,{"$f":"DATE(H92,12,31)","v":"2025-12-31"},"2026-12-31","2027-12-31","2028-12-31","2029-12-31","2030-12-31","2031-12-31","2032-12-31","2033-12-31","2034-12-31","2035-12-31"]
[]
[null,null,null,"2025 Fund Entry ",null,"Date","Rate"]
[null,null,null,"Contribution",null,"Hold",10,-1000000]
[null,null,null,"Basis Adj.",null,null,0,{"$f":"H96*(1-G97)","v":-1000000}]
[null,null,null,"Deferred Cap Gain Tax ",null,2026,0.23799999999999999,{"$f":"IF(H92=$F$84,$H$83*$G$84,0)","v":0},{"$f":"IF(I92=$F$98,$H$97*$G$98,0)","v":-238000},0,0,0,0,0,0,0,0,0]
[null,null,null,"NAV",null,"Growth",0.09,{"$f":"-H96","v":1000000},{"$f":"H99*(1+$G$99)","v":1090000},1188100,1295029,1411581.61,1538623.9549000002,1677100.1108410005,1828039.1208166906,1992562.641690193,2171893.2794423103,2367363.6745921182]
[null,null,null,"Total",null,null,null,{"$f":"H96+H98+IF(H91=$G$9,H99,0)","v":-1000000},-238000,0,0,0,0,0,0,0,0,2367363.6745921182]
[]
[null,null,null,"IRR",null,{"$f":"XIRR(H100:R100,H93:R93)","v":6.8256375193595897E-2}]
[null,null,null,"MOIC",null,{"$f":"SUMIF(H100:R100,\">\"&0)/-SUMIF(H100:R100,\"<\"&0)","v":1.9122485255186739}]
[]
[null,null,null,"CIM Opportnuity Zone Tax Hypotheticals",null,null,"Year",0,{"$f":"H105+1","v":1},2,3,4,5,6,7,8,9,10]
[null,null,null,null,null,null,null,{"$f":"H5","v":2025},{"$f":"H106+1","v":2026},2027,2028,2029,2030,2031,2032,2033,2034,2035]
[null,null,null,"$000s",null,null,null,{"$f":"DATE(H106,12,31)","v":"2025-12-31"},"2026-12-31","2027-12-31","2028-12-31","2029-12-31","2030-12-31","2031-12-31","2032-12-31","2033-12-31","2034-12-31","2035-12-31"]
[]
[null,null,null,"Base Case Non OZ/Traditional Investment",null,"Date","Rate"]
[null,null,null,"Contribution",null,"Hold",10,{"$f":"H9","v":-1000000}]
[null,null,null,"Basis Adj.",null,null,0,{"$f":"H110*(1-G111)","v":-1000000}]
[null,null,null,"Initial Cap Gain Tax ",null,{"$f":"H106","v":2025},0.23799999999999999,{"$f":"Calculation!M28","v":-307900},{"$f":"IF(I106=$F$112,$H$111*$G$112,0)","v":0},0,0,0,0,0,0,0,0,0]
[null,null,null,"NAV",null,"Growth",{"$f":"G13","v":0.09},{"$f":"-H111","v":1000000},{"$f":"H113*(1+$G$113)","v":1090000},1188100,1295029,1411581.61,1538623.9549000002,1677100.1108410005,1828039.1208166906,1992562.641690193,2171893.2794423103,2367363.6745921182]
[null,null,null,"Capital Gain Tax",null,10,0.23799999999999999,{"$f":"IF(H105=$F$114,-$G$114*(H113+$H$110),0)","v":0},0,0,0,0,0,0,0,0,0,{"$f":"Calculation!M37","v":-421011.27540691319}]
[null,null,null,"Total",null,null,null,{"$f":"H110+H112","v":-1307900},{"$f":"I110+I112+IF(I105=$G$110,I113,0)+I114","v":0},0,0,0,0,0,0,0,0,1946352.3991852051]
[null,null,null,"Pre-Tax",null,null,null,{"$f":"-H113","v":-1000000},null,null,null,null,null,null,null,null,null,{"$f":"R113","v":2367363.6745921182}]
[]
[null,null,null,"Pre-Tax IRR",null,{"$f":"XIRR(H116:R116,H107:R107)","v":8.9948561787605311E-2}]
[null,null,null,"IRR",null,{"$f":"XIRR(H115:R115,H107:R107)","v":4.053151309490205E-2}]
[null,null,null,"MOIC",null,{"$f":"SUMIF(H115:R115,\">\"&0)/-SUMIF(H115:R115,\"<\"&0)","v":1.4881507754302357}]
[null,null,null,null,null,null,null,718000]