INVITATION: Briefing Call on Launch of OpportunityZone.gov (10/2 - 12:00PM ET)
Today, Tuesday, October 1, 2019, Secretary Ben Carson (HUD), on behalf of the White House Opportunity and Revitalization Council, announced a new website (www.opportunityzone.gov) that will serve as a hub of information for the array of audiences that work with the Opportunity Zones initiative. Below, please find an invitation to a briefing call to discuss this exciting development as well as additional information on opportunity zones. Please feel free to share with your colleagues.
Briefing Call Registration – Launch of OpportunityZone.gov
Date: Wednesday, October 2, 2019
Time: 12:00 PM ET
Call-in Information: RSVP Here
Note: This call is not intended for press purposes. Upon successful registration, call-in details will be sent to the email address you provide. If you cannot find them, please check your spam folders.
Background on Opportunity Zones
In 2017, President Trump signed the Tax Cuts and Jobs Act, which established Opportunity Zones to incentivize long-term investments in low-income communities across the country. These incentives offer capital gains tax relief to investors for new investment in designated Opportunity Zones. Opportunity Zones are anticipated to spur $100 billion in private capital investment. Qualified Opportunity Zones retain this designation for 10 years. Investors can defer tax on any prior gains until no later than December 31, 2026, so long as the gain is reinvested in a Qualified Opportunity Fund, an investment vehicle organized to make investments in Qualified Opportunity Zones. In addition, if the investor holds the investment in the Opportunity Fund for at least ten years, the investor would be eligible for an increase in its basis equal to the fair market value of the investment on the date that it is sold. More than 8,760 communities in all 50 States, the District of Columbia, and 5 Territories have been designated as Opportunity Zones. Nearly 35 million Americans live in communities designated as Opportunity Zones. Importantly, an estimated 45% of designated opportunity zones are located in rural census tracts. In April 2019, the White House hosted over 170 municipal and county officials for an Opportunity Zone Conference. The event consisted of briefings and discussion on regulatory and implementation developments, sharing best practices, and highlighting successes. You can find a full video recap of the event here: White House Opportunity Zone Conference.
The White House Office of Intergovernmental Affairs
William F. Crozer
Special Assistant to the President/Deputy Director
White House Office of Intergovernmental Affairs
O: 202-456-8491 | C: 202-881-8545 | E: William.F.Crozer@who.eop.gov
What You Need To Know | WHITE HOUSE OPPORTUNITY AND REVITALIZATION COUNCIL LAUNCHES NEW WEBSITE
New website will serve as comprehensive tool for the Opportunity Zones initiative
The Trump Administration is utilizing a powerful new tool called Opportunity Zones to help revitalize distressed and diverse neighborhoods. Opportunity Zones were created under the 2017 Tax Cuts and Jobs Act with the goal of stimulating economic development and job creation in low-income communities by incentivizing long-term capital investments. Now, the White House Opportunity and Revitalization Council has introduced a new resource for all stakeholders working with the Opportunity Zones initiative, www.OpportunityZones.gov.
FIND AN OPPORTUNITY ZONE NEAR YOU: The new Opportunity Zones website features an interactive map of all 8,764 Opportunity Zones across the U.S.
TOOLS FOR COMMUNITIES AND INVESTORS: There are many stakeholders involved with the Opportunity Zones initiative; Federal, State and local leaders, investors, entrepreneurs, and Opportunity Zone residents can find the resources they need on OpportunityZones.gov
ORGANIZING LOCAL RESOURCES: OpportuntiyZones.gov provides easy access to links for state and territory-specific Opportunity Zones websites. Partnerships with State and local leaders are an important piece of the Opportunity and Revitalization Council’s charge.
LEARN THE LATEST: Follow along with the latest news happening with the Council and in Opportunity Zones around the country with news from OpportunityZones.gov
President Donald J. Trump Is Lifting Up American Communities That Have Been Left Behind
“We’re providing massive tax incentives for private investment in these areas to create jobs and opportunities where they are needed the most.” - President Donald J. Trump
ENCOURAGING INVESTMENT: Opportunity Zones are spurring private-sector investment to revitalize hurting communities and unleash their economic potential.
- In 2017, President Donald J. Trump signed the Tax Cuts and Jobs Act, which established Opportunity Zones to incentivize long-term investments in low-income communities nationwide.
- These incentives offer capital gains tax relief to investors for new investment in designated Opportunity Zones.
- Opportunity Zones are anticipated to spur $100 billion in private capital investment.
- Incentivizing investment in low-income communities fosters economic revitalization and job creation and promotes sustainable economic growth across the Nation.
LIFTING UP COMMUNITIES: Opportunity Zones help drive economic growth and lift up communities that have been left behind.
· Opportunity Zones are a powerful vehicle for bringing economic growth and job creation to the American communities that need them the most.
o On average, the median family income in an Opportunity Zone is 37 percent below the State median.
o The average poverty rate in an Opportunity Zone is more than 32 percent, compared with a rate of 17 percent for the average United States census tract.
· More than 8,760 communities in all 50 States, the District of Columbia, and 5 Territories have been designated as Opportunity Zones.
o Nearly 35 million Americans live in communities designated as Opportunity Zones.
CREATING OPPORTUNITY FOR ALL: President Donald J. Trump is encouraging investment to create opportunity in distressed communities.
- The Trump Administration has taken more than 160 actions to encourage investment in low-income communities.
· In 2018, President Trump signed an Executive Order establishing the White House Opportunity and Revitalization Council.
o The Council is chaired by the Secretary of Housing and Urban Development, Ben Carson, and is comprised of 17 Federal agencies.
· The Council is engaging all levels of government to identify best practices and assist leaders, investors, and entrepreneurs in using the Opportunity Zone incentive to revitalize low-income communities.
- Scott Turner, Executive Director of the White House Opportunity and Revitalization Council, has hosted Opportunity Zone roundtables and meetings with local officials, investors, community leaders, and residents in more than 40 cities.
· The Council is improving revitalization efforts by streamlining, coordinating, and targeting existing Federal programs to economically distressed areas, including Opportunity Zones.
· The Council will present the President with a number of reports identifying and recommending ways to encourage investment in economically distressed communities.