Washington, DC – The Economic Innovation Group (EIG) welcomes the introduction of the Rust to Revitalization Act of 2022, co-sponsored by Representatives Dan Kildee (D-MI-05) and Dutch Ruppersberger (D-MD-02). The bill would allow certain zero-population census tracts to be designated as Opportunity Zones. To qualify, a tract must be a brownfield site previously used for industrial purposes, and must be adjacent to a currently-designated Opportunity Zone. While the original Opportunity Zones legislation targeted Treasury-designated Low-Income Communities, this legislation is intended to expand the use case for the incentive to spur the revitalization of zero-population brownfield areas, which often have trouble attracting financing.
Scott Shewcraft, EIG’s Vice President of Policy, issued the following statement:
“Many low-income communities are home to industrial brownfield sites that have become visible signs of decay within their communities. This legislation would expand the reach of the Opportunity Zones incentive so that those areas can be transformed to once again serve as anchors of economic activity. EIG welcomes this and other bipartisan efforts to build upon and enhance the original Opportunity Zones legislation in ways that improve economic well-being for overlooked communities nationwide.”
About the Economic Innovation Group (EIG)
The Economic Innovation Group (EIG) is a bipartisan public policy organization dedicated to forging a more dynamic and inclusive American economy. Headquartered in Washington, DC, EIG produces nationally-recognized research and works with policymakers to develop ideas that empower workers, entrepreneurs, and communities.