From the Morning Memo:

Sen. Mike Gianaris on Wednesday announced a bill that would end tax breaks for capital gains when investments are made in federal Qualified Opportunity Zones.

A provision of the federal tax law approved by Congress in 2017 was aimed at nudging investment in economically troubled areas, leading the state to identify census tracts that could qualify as opportunity zones. But Gianaris charges that many of the others included are being overdeveloped and gentrified.

Among the areas: Long Island City and Astoria.

Long Island City is the location web retailer Amazon has settled on to bring up to 40,000 jobs in the coming years in exchange for about $3 billion state tax breaks and incentives. Gianaris has been a prominent critic of the deal.

“The Opportunity Zone program was intended to help economically distressed areas but is being abused to grant tax breaks to already overdeveloped neighborhoods,” he said in a statement. “The state should not be made to suffer due to the misuse of this program.”

Gianaris this week was nominated to serve on the Public Authorities Control Board, a state entity that could determine whether the tax breaks move forward for Amazon, which has come under criticism in New York City for opposing unionization of its workforce.

Gianaris has said he wants to re-negotiate the deal for Amazon.