By Joshua Pollard | Forbes
Investors, community advocates and residents across America who have been anxiously awaiting economic revitalization through the Opportunity Zone program have reason to be more optimistic.
The government shutdown slowed the progress the IRS had been making toward determining final guidance on the new policy, but important hints are finally emerging on Capitol Hill that indicate the proposed legislation is headed for clarification.
The Opportunity Zone incentive program was written into the 2017 Tax Cuts and Jobs Act to spur long-term economic investment in low-income communities. It has the potential to radically revitalize urban and rural districts across the country, build wealth in communities that need it most and save investors’ money by reducing capital gains tax payments.
“A clear path forward is forming for Opportunity Zones, stemming from widespread interest among both public and private sectors.”