Geographies | November 7, 2019

Congressional Democrats push for fixes to Opportunity Zone tax incentive

Dennis Price
ImpactAlpha Editor

Dennis Price

ImpactAlpha, Nov. 8 – Congressional Democrats are pushing for fixes to the Opportunity Zone tax break.

A bill from Oregon Sen. Ron Wyden would bolster reporting and transparency requirements, prohibit self-storage facilities and luxury housing from qualifying for the incentive, make it harder for projects already underway to qualify and eliminate roughly 200 higher-income Opportunity Zones.

Economic Innovation Group’s John Lettieri says the bill would have unintended consequences, including limiting the ability to use Opportunity Zones to address housing needs and making it more difficult for operating businesses to qualify for investment.

“If there is an end of year tax package, I expect (Opportunity Zones) to be a major piece of it,” tweeted Lettieri.