Opportunity Zones Reform: Enhanced Transparency and New Investments
This act modifies the Opportunity Zones program to enhance investment transparency and better target resources to areas genuinely in need. Citizens will gain access to more detailed data on the impact of investments on local communities, and some high-income areas may lose their Opportunity Zone status, making way for new, more deserving locations. Additionally, a new fund is established to support economic development in underserved communities.
Key points
Mandatory data reporting by funds investing in Opportunity Zones will increase transparency and allow for evaluation of job creation and poverty reduction impacts.
High-income areas that do not meet the original program goals may be disqualified from Opportunity Zones, with new, more deserving locations taking their place.
Creation of a $1 billion State and Community Dynamism Fund to support public and private investments in underserved communities, including Opportunity Zones, prioritizing small businesses and affordable housing.
Extension of the capital gains deferral period for investments in Opportunity Zones until the end of 2028, providing investors more time to utilize tax benefits.
Expired
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