Washington, D.C. – Today, John Lettieri, President and CEO of the Economic Innovation Group (EIG), will testify at a public hearing before the Internal Revenue Service (IRS) on behalf of a broad coalition of stakeholders. Lettieri’s remarks will address the comment letter the coalition submitted to the U.S. Department of the Treasury and the IRS regarding the second set of proposed regulations related to Opportunity Zones, a bipartisan initiative included in the Tax Cuts and Jobs Act of 2017.
The coalition’s comments address a range of critical issues, including rules governing how the incentive can facilitate the creation and growth of local operating businesses in Opportunity Zones, the importance of reporting requirements, and ways to protect the integrity of this policy.
“The long-term success of the Opportunity Zones initiative depends on a sound regulatory framework, one that enables meaningful investment in local businesses while ensuring safeguards are in place to prevent abuse,” said EIG President and CEO John Lettieri. “We are encouraged by the latest round of proposed rule-making, but urge Treasury to move quickly to address key remaining issues so communities can reap the rewards of new investment and economic activity.”
Opportunity Zones are a new community investment tool designed to encourage long-term private investment in low-income areas across the country. In 2018, over 8,700 low-income communities were designated as Opportunity Zones across all 50 states, the District of Columbia, and U.S. territories. In December 2018, EIG released “The State of Socioeconomic Need and Community Change in Opportunity Zones,” a comprehensive analysis of the prevailing social and economic conditions in Opportunity Zones, whose residents struggle with concentrated poverty, disinvestment, and decline.
About the Economic Innovation Group (EIG)
The Economic Innovation Group (EIG) is an ideas laboratory and advocacy organization whose mission is to advance solutions that empower entrepreneurs and investors to forge a more dynamic American economy. Headquartered in Washington, D.C. and led by an experienced, bipartisan team, EIG convenes leading experts from the public and private sectors, develops original policy research, and works to advance creative legislative proposals that will bring new jobs, investment, and economic growth to communities across the nation. For more information, visit eig.org.
The comment letter was co-signed by the following organizations:
ACON Investments
Alliant Strategic Housing Funds
Alphametic LLC
Arctaris Impact Fund
Blueprint Local
Bridge Investment Group
California Forward
CalOZ
Calvert Impact Capital
Catalyst Opportunity Fund
Chicago Community Loan Fund
CliftonLarsonAllen
CohnReznick LLP
Community Capital Management
Community Development Bankers Association
Community Development Venture Capital Alliance
Community Reinvestment Fund, Inc.
Dauby O’Connor & Zaleski, LLC
Develop LLC
DL3 Realty
Economic Innovation Group
EJF Capital
Fund for Our Economic Future
Fundrise
Goodcity
Greatwater Opportunity Capital
Homecoming Capital
Institute for Portfolio Alternatives
International Franchise Association
KeyBank
Kirkland & Ellis
KPMG
Launch NY, Inc.
Launch Tennessee
LIIF
LISC
Mayer Brown
National Development Council
National Foundation for Affordable Housing Solutions, Inc.
NES Financial
Newark Venture Partners
Novogradac & Company
Opportunity Alabama
Opportunity Finance Network
Our Opportunity
Peachtree Providence Partners
Plante Moran
Polsinelli
PwC
Quicken Loans
R and C Brown
Redbrick LMD, LLC
Reinvestment Fund
Riaz Capital
Rural Opportunity Initiative
Small Business Majority
SMB Intelligence
SoLa Impact
Sorenson Impact Center
Sorenson Impact Foundation
Stonehenge Capital Company, LLC
The Enterprise Center
The Governance Project
U.S. Impact Investing Alliance
Virtua Capital Management, LLC
WarHorseCities
Weller Development Company
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