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Senate Small Business and Entrepreneurship Hearing on Expanding Opportunities for Small Businesses Through the Tax Code

TESTIMONY BEFORE THE U.S. SENATE COMMITTEE ON SMALL BUSINESS AND ENTREPRENEURSHIP Expanding Opportunities for Small Businesses Through the Tax Code by John Lettieri Introduction Chairman Risch, Ranking Member Cardin, and members of the Committee: My name is John Lettieri and I am the President and Chief Executive Officer of the Economic Innovation Group (EIG), a bipartisan…

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Opportunity Zones: The Map Comes Into Focus

Key takeaways: The first phase of Opportunity Zones implementation is now complete: The U.S. Treasury Secretary has now certified the census tracts nominated by the governor of every U.S. state and territory and the mayor of Washington, D.C. For the next ten years, private investors will be eligible for certain tax benefits in return for…

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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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