President Trump spoke at today’s announcement that round two of Opportunity Zone regulations were finalized. The event included Treasury Secretary Steve Mnuchin, Department of Housing and Urban Development Secretary Dr. Ben Carson, and Director of the National Economic Council Larry Kudlow.
Opportunity Zone leaders from across the United States were invited to attend a full day conference to discuss rules and provide initial feedback on the Opportunity Zone roll-out. Key themes of the conference included bipartisanship, urban transformation, and workforce housing. Leaders from both parties spoke to the promise of Opportunity Zones.
Rules Come into View
Today’s conference answered important questions related to Opportunity Zones. One answer addressed how much of an operating business must be located in the Opportunity Zone to receive the full tax incentive. Rules state that over 50% of sales, among other guidance, must occur in an Opportunity Zone.
A key promise of the policy is to spark small business and startup growth in smaller to medium-size cities across the United States. Rules are meant to favor operating businesses as well as real estate.
Among other comments echoed at the event was the momentum that Opportunity Zones gained across the United States. What was initially a small provision has garnered bipartisan support from local leaders.