President Donald Trump signed an executive order December 12
Our tax bill also creates new opportunity zones rewarding those who invest in distressed communities and create more jobs for those who have, too often, simply been left behind.
President Donald J. Trump
The executive order specifically directs the Council to streamline, coordinate, and target existing federal programs to economically distressed areas, including Opportunity Zones. It also directs the Council to consider legislative proposals and regulatory reform to remove barriers to revitalization efforts. The Council will present the President with a number of reports identifying and recommending ways to encourage investment in economically distressed communities.
Also at the signing ceremony, Secretary Carson commented
Opportunity Zones can be a powerful vehicle for bringing economic growth and job creation to the American communities that need them the most. 8,761 communities in all 50 States, the District of Columbia, and 5 Territories have been designated as Opportunity Zones. Nearly 35 million Americans live in communities designated as Opportunity Zones.
In 2017, President Trump signed the Tax Cuts and Jobs Act, which established Opportunity Zones to incentivize long-term investments in low-income communities across the country. These incentives offer capital gains tax relief to investors for new investment in designated Opportunity Zones.