Following New White House Report on Opportunity Zones, EIG Calls on Congress to Build on Early Progress, Enact Strong Reporting Requirements and OZ Policy ImprovementsAug 24, 2020
Washington, D.C. – Today, the Council of Economic Advisers, through the White House Opportunity and Revitalization Council, released new findings on the impact of Opportunity Zones (OZs) on designated communities. The findings outlined in the report include statistics about Opportunity Zones and activity to date, as well as models of projected economic and budgetary impacts.
“The Council of Economic Advisers report underscores the potential of Opportunity Zones and its capacity to finance a diverse range of activities across a broad set of places, making it an important tool to communities navigating the impacts of COVID-19,” said EIG President and CEO John Lettieri. “But improvements to Opportunity Zones policy are needed to realize this potential, beginning with stronger reporting requirements and transparency so that policymakers, as well as investors, gain a more accurate understanding of the impact of the incentive in communities.”
In addition to the establishment of reporting requirements, EIG called on Congress to improve the Opportunity Zones incentive by:
- Eliminating specific high-income census tracts that do not meet the spirit of the incentive and replace them with tracts more deserving of the designation.
- Providing support to communities for capacity building and technical assistance that enhance a community’s ability to leverage the Opportunity Zones incentive to meet their economic development goals.
- Extending the 2026 tax deadline by two years to allow for more stakeholders to engage in the market and receive the benefits.
EIG media contact: Cal Harris ([email protected])
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.