Trump administration seeks to boost Opportunity Zones
WASHINGTON (AP) — The Trump administration is proposing new regulations aimed at making it easier for investors to take advantage of tax breaks for investing in ‘Opportunity Zones’ in low-income areas.
The proposed regulations issued by the Treasury Department seek to clear up questions that were keeping some investors from using the tax incentives.
President Donald Trump, speaking at a White House conference to promote the program, says that governors in all 50 states and U.S. territories had designated 8,700 neighborhoods as Opportunity Zones, making these economically depressed areas eligible to be used for the federal tax incentives.
“Nobody thought it was going to catch on like it’s caught on,” Trump says.
The program was included in the $1.5 trillion tax cut legislation that Trump pushed through Congress in 2017.