Designated low-income areas known as “opportunity zones” that attract investments by offering tax-related benefits have resulted in positive impacts in many states across the U.S., generating tens of billions of dollars for the affected neighborhoods, according to a new report from the Government Accountability Office.
According to the GAO report, preliminary IRS data from 2019 showed that in that year, 17,891 investors contributed $28,910,000,000 in investments in more than 6,000 “Qualified Opportunity Funds,” which are investment vehicles dedicated to the more than 8,700 opportunity zones.
“Opportunity Zones are changing the game for thousands of communities across our country. Empowering the private sector to make direct investments in underserved communities is breathing life in neighborhoods that wouldn’t have happened otherwise,” said Sen. Tim Scott, R-S.C., a strong proponent of the initiative. “This new report further proves that the 2017 tax cut delivered relief for the most vulnerable Americans and stands in stark contrast to the devastating impact of Democrats’ reckless spending and taxing plans.”
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