Washington, D.C. – Today, the Economic Innovation Group (EIG) renews its call for bipartisan Congressional action to strengthen the Opportunity Zones initiative in response to new legislation introduced today by Senator Ron Wyden (D-OR), the Opportunity Zones Reporting and Reform Act.
The following statement can be attributed to EIG President and CEO John Lettieri:
“EIG has worked closely for months with a bipartisan group of lawmakers to address key legislative priorities related to Opportunity Zones, and we are encouraged that there are many issues that can be addressed on a consensus basis in the weeks ahead. We are pleased that Senator Wyden’s legislation reflects a number of EIG priorities, such as provisions to establish reporting requirements, strengthen the list of prohibited investments, and address the small share of designations that are not aligned with the intent of the legislation. However, we are concerned that the bill in its current form would also have serious unintended consequences that would undermine the broader policy and discourage long-term investments in low-income communities. These include significantly reducing the ability to use Opportunity Zones to address severe housing needs throughout the country and making the already difficult process of qualifying for investment even more challenging for operating businesses. We look forward to continuing to work with lawmakers in the House and Senate to address these concerns and ensure Opportunity Zones achieves its intended impact for underserved communities nationwide.”
For more about Opportunity Zones communities, see: Opportunity Zones Facts and Figures.
About the Economic Innovation Group (EIG)
The Economic Innovation Group (EIG) is a bipartisan 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., EIG convenes leading experts from the public and private sectors, produces original 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.