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The Promise of Opportunity Zones

TESTIMONY BEFORE THE JOINT ECONOMIC COMMITTEE OF THE UNITED STATES CONGRESS  JOHN W. LETTIERI, CO-FOUNDER AND PRESIDENT, ECONOMIC INNOVATION GROUP  “The Promise of Opportunity Zones” May 17, 2018   Introduction Chairman Paulsen, Ranking Member Heinrich, and members of the committee: it is a pleasure to be with you today. I am the Co-founder and President of the…

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IRS Releases Opportunity Fund Certification Update

Yesterday, the IRS provided new clarity on the process for obtaining Opportunity Fund certification: To become a Qualified Opportunity Fund, an eligible taxpayer self certifies.  (Thus, no approval or action by the IRS is required.)  To self-certify, a taxpayer merely completes a form (which will be released in the summer of 2018) and attaches that…

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Opportunity Zones: Tapping into a $6 Trillion Market

Today, states will begin asking the Treasury Department to bless their chosen low-income community census tracts as Opportunity Zones. We anticipate that about half of the states will submit their zone nominations by the March 21st deadline, and half will opt for the 30-day extension to April 20th. By early summer, the country’s map of…

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EIG Urges California To Re-Evaluate its Recommendations for Opportunity Zones Designations

Washington D.C. – Today, the Economic Innovation Group (EIG) released a letter urging California to reconsider its preliminary recommendations for census tracts to be designated as Opportunity Zones. Opportunity Zones are a new national community investment incentive established by a bipartisan provision of the Tax Cuts and Jobs Act to connect low-income communities with long-term…

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Treasury Issues Technical Correction To Opportunity Zone Data

Today, the Department of the Treasury issued a technical correction to the Opportunity Zone data from the February 8, 2018 release. This update reflects a more inclusive census tract contiguity analysis and corrects some data errors in the original file. It now includes qualified high migration tracts, low-population tracts within Empowerment Zones, and territorial data that meet the definition…

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