Opportunity Zones | Benjamin S. Carson, Sr., MD | Summary and Q&A

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July 8, 2019
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Opportunity Zones | Benjamin S. Carson, Sr., MD

TL;DR

The US government created opportunity zones to promote investments in economically neglected areas and create jobs, and now announces new incentives to encourage private sector involvement.

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Questions & Answers

Q: What are opportunity zones and why were they created?

Opportunity zones were created to promote investment and job creation in economically neglected areas. They allow investors to defer and reduce tax liabilities on capital gains by investing in projects in these zones.

Q: How do opportunity zones differ from previous initiatives?

Opportunity zones require investors to remain in the zone for a longer period, ensuring a long-term commitment. This leads to consistent growth, new jobs, and transformative effects on the neighborhoods.

Q: Are opportunity zones only beneficial for wealthy investors?

No, opportunity zones provide benefits for both investors and the communities in need. Investors can reduce their tax liabilities while making a positive impact on neglected areas, creating jobs, and promoting economic growth.

Q: How are opportunity zones connected to the revision of section 3 of the Fair Housing Act?

Section 3 of the Fair Housing Act requires recipients of HUD funding to hire, train, or give contracts to individuals from lower-income areas. By combining opportunity zones with section 3, the goal is to boost capital investments and make a real impact in poverty-reduced areas.

Summary & Key Takeaways

  • Opportunity zones were created as part of the 2017 tax cuts and Jobs Act to promote investment and job creation in neglected areas.

  • The incentives allow investors to defer and reduce their tax liabilities on capital gains by investing in new construction, rehabilitation, or expanding businesses in opportunity zones.

  • The long-term incentive of opportunity zones ensures investors are committed and interested in the growth and development of the neighborhoods, leading to transformative effects.

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