Hudson Helps 20 8th District Areas Receive Additional Tax Reform Resources
May 22, 2018
FOR IMMEDIATE RELEASE
May 22, 2018
Hudson Helps 20 8th District Areas Receive Additional Tax Reform Resources
WASHINGTON, D.C.– Today U.S. Representative Richard Hudson (NC-08) released the following statement after the U.S. Treasury certified 252 areas in North Carolina as official Opportunity Zones, opening a new source of investment capital and economic growth for places and people who need it most:
"I’ve traveled across our state and heard and seen businesses expanding and creating new jobs, workers getting more money in their paychecks, and families seeing tax cuts – all because of the Tax Cuts and Jobs Act,” said Rep. Hudson. “North Carolinians are optimistic, but there are some communities that still need help as the economy rebounds. This Opportunity Zone announcement is good news and yet another example of how tax reform is improving lives and revitalizing our communities.”
As part of the landmark reform, the Tax Cuts and Jobs Act created Opportunity Zones to spur investment, economic growth and jobs in economically disadvantaged, struggling and low-income communities throughout the country. This is the first new community development tax incentive program signed into law since the Clinton Administration. New investments in Opportunity Zones can receive preferential tax treatment.
Under the Tax Cuts and Jobs Act, states nominate low-income communities to be designated as Qualified Opportunity Zones, which are eligible for the tax benefit. Qualified Opportunity Zones retain this designation for 10 years. Investors can defer tax on any prior gains until no later than December 31, 2026, so long as the gain is reinvested in a Qualified Opportunity Fund, an investment vehicle organized to make investments in Qualified Opportunity Zones.
The 252 tracts in North Carolina feature:
- A total population over 1.1 million North Carolinians
- Nearly 45,000 families with children in poverty
- Over 50,000 business establishments
- Over $580 million already invested in these areas, from both public and private sources over the past five years
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Issues:Economy and JobsTax Reform