On May 17, 2018 the Joint Economic Committee of the United State Congress met to discuss the promise of Opportunity Zones. In particular, John Lettieri, co-founder and president of the Economic Innovation Group (EIG) spoke at length to the committee.
EIG is a bipartisan research and advocacy organization. EIG helped to design and champion the Investing in Opportunity Act, legislation authored by Senators Tim Scott (R-SC) and Cory Booker (D-NJ) and Representatives Pat Tiberi (R-OH) and Ron Kind (D-WI). This legislation, which enjoyed broad bipartisan support, was the basis for the Opportunity Zones provision in the Tax Cuts and Jobs Act (TCJA) of 2017.
His speech was powerful and provides a great basis for understanding why these Opportunity Zones were created. We would be remiss in not mentioning what a powerful tool it is for those who invest in the zones. But it also affords investors a means to participate in the change and future success of low-income areas for generations to come. It has the potential to drive billions of dollars in new private investment to struggling communities over the coming decade.
We strongly recommend you read Mr. Lettieri’s full remarks linked here.