June 4, 2020

June 04, 2020

Subscribe to Latest Legal News and Analysis

June 03, 2020

Subscribe to Latest Legal News and Analysis

June 02, 2020

Subscribe to Latest Legal News and Analysis

Report to the President from the White House Opportunity and Revitalization Council

On Feb. 7, the White House Opportunity and Revitalization Council released a report to President Trump demonstrating the impact of opportunity zones across America. The 157-page report comprehensively addresses many metrics suggested and achieved by opportunity zones to date, and makes two legislative suggestions to Congress to improve zone impact:

“1) In order to measure the positive impact that the Opportunity Zones initiative is having on the American people, the Federal Government will need to evaluate the effect of Qualified Opportunity Fund investment on jobs, incomes, businesses, and poverty. Members of the Council will work with Congress to develop legislation that will address the collection of any additional information that would be useful in assessing the value of the Opportunity Zones incentive to distressed communities. Such legislation shall establish appropriate procedures and measures to ensure that the collection of such information is performed in a manner so as to prevent duplicative or redundant reporting, and that any personally identifiable data included in such information is properly protected and withheld from disclosure to the public.

2) Congress should act on the President’s reform proposal to consolidate a number of Federal economic assistance resources across Federal Agencies. The Council suggests these grants be centralized to provide technical, planning, and capacity-building assistance for non-profit organizations and local governments, with the purpose of catalyzing and leveraging Opportunity Zone investment and sustained job growth for Opportunity Zone residents.”

The legislative items are suggestions for future action. A “best practices” Opportunity Zones report may be forthcoming in Spring 2020. Hot Off The Hill will report on any related legislation and significant developments in this area.

©2020 Greenberg Traurig, LLP. All rights reserved.

TRENDING LEGAL ANALYSIS


About this Author

Robert Maples, Greenberg Traurig Law Firm, Northern Virginia, Washington DC, Government Policy
Director

Robert Y. Maples is experienced in the Washington, D.C. federal, state and public affairs arenas. He has also been an advocate for building pragmatic alliances to resolve major social issues and has pioneered strategies for addressing complex public affairs crises in collaborative versus confrontational contexts. He continues his advocacy of pragmatic alliances in furtherance of client/government collaborations among the Congress and federal agencies, and serves as state counsel on complex client public policy matters. He is experienced in complex problem solving in...

202-530-8553