These statutory effects are seen clearly in a case study of the Opportunity Zones in Charlottesville, Virginia. While little academic scholarship has focused on this revolutionary program yet, this note finds that the Opportunity Zone approach to urban renewal likely furthers gentrification, is ripe for abuse, and lacks specificity to help the communities it is intended to serve. That is to say, a subsidy program focused on the physical place improvements has based its designation criteria on local resident’s income. While the program’s stated intent is to revitalize neighborhoods, build affordable housing, or promote small businesses, the selection of qualified areas is based on the income rate of residents. This tax expenditure is designed to delay and even avoid capital gains taxes to incentivize development in areas deemed to be in economic distress. The 2017 Tax Cuts and Jobs Act, enacted by the Trump administration, created the largest government-sponsored subsidy for urban renewal through the Opportunity Zones program.
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The interaction of the detailed requirements of the Internal Revenue Code for a charitable contribution and mobile payment applications’ privacy policies, without clear authority or direction on the specific conduit situation, has the potential to be problematic and challenging for the contributor, conduit, charitable organizations, and mobile payment applications. Finally, Part V offers a brief overview of the prevalence of the issue and the future of mobile payment applications. Part IV examines the potential solutions to the issue of overfunded charities and the motivations behind each. Part III analyzes three donation methods: a contribution directly to a 501(c)(3) organization, a contribution to an individual, and a contribution to a 501(c)(3) organization through an individual. Part II introduces the requirements of a charitable contribution and the services that mobile payment applications offer. Part I of this Article provides an overview of the conduit situation and the complications that arise. Using the Internal Revenue Code requirements, the authority and regulations are not apparent for a charitable contribution through a conduit, particularly not for a conduit’s use of a mobile payment application. If a charity is overfunded or the charitable purpose is no longer available, the conduit is caught holding a pool of designated donations without the ability to contact the donors for permission for a similar or alternate use. With the rise in mobile payment applications, charitable donations using these platforms are increasing equally, the use of a conduit between a donor and a charity to solicit and collect donations for the charity’s benefit is growing.
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