President Trump today signed an executive order creating a new council that will help ensure the success of the Opportunity Zones tax incentive. The incentive — which was part of the new tax reform law — aims to drive long-term equity capital to distressed communities by providing tax benefits on investments in qualified projects, or “Opportunity Funds.” More than 8,700 communities in the U.S., D.C., and U.S. territories have been certified as Opportunity Zones.
Department of Housing and Urban Development Secretary Ben Carson will chair the council, which will include representatives from 13 federal agencies. The council will focus on: increasing the return on investment of existing public benefit and grant programs and targeting them to Opportunity Zones; considering additional legislative proposals and regulatory reforms to improve community revitalization efforts; developing recommendations and reports for encouraging investment in distressed communities; and developing data reporting mechanisms to measure the success of Opportunity Zones.
