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Hudson Statement on Opportunity Zone Conference with Mayor Colvin, Sec. Copeland

April 17, 2019
Press Release
FOR IMMEDIATE RELEASE
April 17, 2019
 
Hudson Statement on Opportunity Zone Conference with Mayor Colvin, Sec. Copeland
 
WASHINGTON, D.C.– U.S. Representative Richard Hudson (NC-08) released the following statement on today’s Opportunity Zone Conference at the White House with North Carolina Secretary of Commerce Tony Copeland, Fayetteville Mayor Mitch Colvin and other state, local, tribal and community leaders:
 
“I appreciate President Trump for continuing this important conversation with Mayor Colvin, Secretary Copeland and other local leaders to maximize opportunity zones and help foster job growth,” said Rep. Hudson. “This is why I worked so hard to have opportunity zones included in the tax reform legislation and why I worked to make sure communities in my district like Fayetteville were included.”
 
Today the White House is hosting an Opportunity Zone Conference with state, local, tribal and community leaders, including:
  • Mitch Colvin, Mayor of Fayetteville        
  • George Austin, Chairman, Yadkin County             
  • Frank Williams, Commissioner, Brunswick County           
  • Tony Copeland, North Carolina Secretary of Commerce  
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. 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. 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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