The article discusses a letter written by U.S. Senators Michael Bennet and Tim Scott to Treasury Secretary Janet Yellen, urging the Department of Treasury to consider expanding the Opportunity Zones program. This program, created by the 2017 Tax Cuts and Jobs Act, offers tax incentives to encourage long-term investments in economically distressed communities across the U.S. The senators believe that the program has the potential to attract even more investment and propose five key areas of improvement: data collection and transparency, reporting requirements, clearer guidelines for Opportunity Fund investments, inclusion of tribal lands, and a focus on affordable housing.
Click the link below to learn more about this important initiative. The proposed expansion of the Opportunity Zones program could bring significant investment and economic development to under-resourced communities. Stay informed about the potential changes that could influence the future of these communities and the larger economy.