HUD Secretary Carson Highlights SEC’s Efforts to Encourage OZ Investing
The 2017 Tax Cuts and Jobs Act created Opportunity Zones (OZs) to stimulate long-term investments in low-income communities. As the initiative offers capital gains tax relief to those who invest in these distressed areas, the tax incentives are anticipated to spur $100 billion in private capital investment in OZs. On average, the median family income in an OZ is 37 percent below the state median. Overall, more than 8,700 communities in all 50 states, Washington D.C., and five U.S. territories have been designated as OZs. Nearly 35 million Americans live in communities designated as OZs.
HUD Secretary Ben Carson recently commended efforts by the Securities and Exchange Commission (SEC) to encourage capital investment in OZs. In addition to providing guidance about participating in Qualified Opportunity Fund offerings, the SEC has worked with the North American Securities Administrators Association (NASAA) to describe the compliance implications for Qualified Opportunity Funds under federal and state securities laws.
Secretary Carson is the Chair of the White House Opportunity and Revitalization Council, which consists of 17 members from federal agencies and federal-state partnerships. The council engages with governments at all levels—state, local, tribal, and territorial—on ways to more effectively use taxpayer dollars to revitalize low-income communities.