{"id":2330307,"date":"2024-08-23T20:12:59","date_gmt":"2024-08-24T00:12:59","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/op-ed-a-key-to-helping-struggling-communities-is-this-trump-era-policy\/"},"modified":"2024-08-23T20:19:33","modified_gmt":"2024-08-24T00:19:33","slug":"op-ed-a-key-to-helping-struggling-communities-is-this-trump-era-policy","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/op-ed-a-key-to-helping-struggling-communities-is-this-trump-era-policy\/","title":{"rendered":"Op-Ed: A Key to Helping Struggling Communities Is This Trump-Era Policy"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fop-ed-a-key-to-helping-struggling-communities-is-this-trump-era-policy%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2330307&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>The article discusses the\u2063 federal Opportunity Zones\u2063 program,\u2062 introduced during the\u2062 Trump administration, which incentivizes investment in underserved communities through tax benefits. The New York Times \u200bhighlights the program&#8217;s\u200b success over the past six years, stating it has galvanized nearly $40 billion in equity investment, with estimates suggesting \u200dtotal deployment might\u200d reach $120 to $160 billion. \u200d <\/p>\n<p>The program has led to significant improvements in areas like \u200bSouth Carolina and Erie, Pennsylvania, resulting in increased household incomes and reduced poverty\u200b and unemployment rates. Advocates argue that with approximately \u200d40 \u2064million\u2064 Americans living in poverty, the program&#8217;s extension beyond its 2026 expiration is \u2064essential for <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-claims-hes-fulfilling-campaign-promises\/\" title=\"Biden claims he\u2019s fulfilling campaign promises\">continued economic growth<\/a> and\u2064 job creation in these communities. <\/p>\n<p>Legislation to extend\u2063 the Opportunity Zones tax benefits through 2028 has been \u2063proposed, indicating a desire to maintain momentum and support for these \u200dareas. The authors call for bipartisan support to ensure the program&#8217;s longevity, emphasizing \u200cits\u200d positive impact on revitalizing overlooked communities.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<p><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><\/p>\n<section>\n<p>The New York Times recently published an article measuring the effectiveness of the federal Opportunity Zones program over the last six years.<\/p>\n<p>The Trump-era incentive attracts investment into underserved communities by offering investors a series of tax incentives, and the program is key in granting these areas the spotlight they need.<\/p>\n<p>The New York Times reluctantly agreed. Federal lawmakers should make it a priority to extend this landmark legislation before it expires in 2026.<\/p>\n<p>Codified by the Tax Cuts and Jobs Act of 2017, the <a href=\"https:\/\/www.westernjournal.com\/wh-opportunity-zones-raised-billions-private-investment-2-years-raise-1-million-poverty\/\" target=\"_blank\" rel=\"noopener\">Opportunity Zones<\/a> tax incentive empowers high net-worth investors to invest their money in historically marginalized communities.<\/p>\n<p>Investors can move their capital into &ldquo;Qualified Opportunity Zone Funds,&rdquo; which support businesses and real estate in these federally designated zones.<\/p>\n<p>  <script> \t\t\t\tif( ! getCookie( 'ff_subbed' ) ) if( typeof FFADS.replace_ict !='undefined' ) if( FFADS.replace_ict ) eval( FFADS.replace_ict ); \t\t\t<\/script> <\/p>\n<p>If held for 10 years, investors can enjoy tax-free appreciation on their investments.<\/p>\n<p>The policy was championed by a bipartisan coalition of lawmakers, including Sens. Tim Scott (R-South Carolina) and Cory Booker (D-New Jersey) to uplift overlooked and underserved communities through private investment.<\/p>\n<p>Their vision has been nothing short of extraordinary. According to national professional services firm Novogradac, Qualified <a href=\"https:\/\/www.westernjournal.com\/ap-trump-administration-seeks-to-boost-opportunity-zones\/\" target=\"_blank\" rel=\"noopener\">Opportunity Zone<\/a> Funds it tracks have raised nearly $40 billion in equity since 2019, with another three to four times that estimated to have actually been deployed &mdash; $120 to $160 billion.<\/p>\n<p>Over half of this money has gone toward new housing projects alone &mdash; a major win for <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/exclusive-rep-tom-tiffany-time-for-u-s-to-recognize-reality-by-recognizing-taiwan\/\" title=\"Exclusive\u2014Rep. Tom Tiffany: Time for U.S. to Recognize Reality by Recognizing Taiwan\">cash-strapped governments<\/a> and their constituents who face a stubborn housing market.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">When the Ways and Means Committee traveled to Erie, PA, we heard directly from business owners, stakeholders, and Erie residents about the success of the Trump tax cuts and <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/homan-senator-ron-wydens-misguided-attack-on-opportunity-zones\/\" title=\"Homan: Senator Ron Wyden\u2019s Misguided Attack on Opportunity Zones\">opportunity zone program<\/a>.<\/p>\n<p>WATCH BELOW <a href=\"https:\/\/t.co\/tkwku3h6M0\">pic.twitter.com\/tkwku3h6M0<\/a><\/p>\n<p>&mdash; Ways and Means Committee (@WaysandMeansGOP) <a href=\"https:\/\/twitter.com\/WaysandMeansGOP\/status\/1813567170930258330?\">July 17, 2024<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Even in its first few years of life, the Opportunity Zones tax incentive has swiftly transformed economies.<\/p>\n<p>In Sen. Tim Scott&rsquo;s home state of South Carolina, Opportunity Zones have led to increased median household incomes, <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bidens-america-child-poverty-rate-has-more-than-doubled-in-a-year-us-census-bureau-reports\/\" title=\"Child poverty rate in Biden&#039;s America has doubled in just one year, says US Census Bureau.\">lower poverty rates<\/a> and reduced unemployment in many areas.<\/p>\n<p>Similarly, Erie, Pennsylvania &mdash; once home to one of the poorest zip codes in America &mdash; has seen over $400 million in new, <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/orsted-cancels-new-jersey-offshore-wind-project\/\" title=\"Orsted scraps NJ offshore wind project.\">long-term capital investment<\/a>, thanks to its Opportunity Zone status.<\/p>\n<p>Translation: more money in your family&rsquo;s savings account, more people making ends meet, and more Americans back to work.<\/p>\n<p>Many of these successes stem from the policy&rsquo;s free-market incentive structure. By reducing tax burdens for investing in underserved communities, high net-worth individuals are compelled to move their money into these areas.<\/p>\n<p>And this comes at a time when nearly 40 million Americans live in poverty and the cost of living is reaching an all-time high.<\/p>\n<p>Now more than ever, underserved neighborhoods desperately need and deserve every opportunity to get funding.<\/p>\n<p>That&rsquo;s why federal legislators introduced the Opportunity Zones Transparency, Extension and Improvement Act (H.R. 5761) last year &mdash; a measure that would extend the program&rsquo;s tax benefits through 2028.<\/p>\n<p>While Opportunity Zones deserve a permanent spot in the nation&rsquo;s tax code, extending the program is a step in the right direction and is widely expected to trigger a rush of capital.<\/p>\n<p>If passed, the ongoing infusion of funds would help sustain long-term economic growth, reduce poverty and spur job creation in the country&rsquo;s most underserved communities.<\/p>\n<p>It&rsquo;s no surprise that former President Donald Trump called the program &ldquo;one of the most successful economic development acts ever in our country.&rdquo;<\/p>\n<p>The federal Opportunity Zones program has already revitalized countless overlooked communities, and lawmakers should make it a priority to pass the extension to ensure these benefits continue for years to come.<\/p>\n<p><em>Shay Hawkins is President of the Opportunity Funds Association.<\/em><\/p>\n<p><em>Jill Homan is President of Javelin 19 Investments.<\/em><\/p>\n<p><em>Emily Lavery is Vice President, Fulcrum Public Affairs.<\/em><\/p>\n<\/p>\n<p><i><b>The views expressed in this opinion article are those of their author and are not necessarily either d or endorsed by the owners of this website. If you are interested in contributing an Op-Ed to The Western Journal, you can learn about our submission guidelines and process <a href=\"https:\/\/www.westernjournal.com\/submitop-ed\/\">here<\/a>.<\/b><\/i><\/p>\n<div style=\"position: relative;\">\n<div class=\"ff-fancy-header-container\">  <\/div>\n<div class=\"entry-submit-correction inner-content\">\n<div class=\"correction-form\">\n<form style=\"display: none;\">\n<div class=\"sc-name-field\"> <label>* Name<\/label> <br \/> <input type=\"text\" name=\"name\" required> <\/div>\n<div class=\"sc--field\"> <label>* <\/label> <br \/> <input type=\"text\" name=\"\" required> <\/div>\n<p> <label>* Message<\/label> <br \/> <textarea name=\"message\" required><\/textarea>  <\/p>\n<div class=\"required-message\" style=\"display: none; padding-bottom: 15px;\">* All fields are required.<\/div>\n<p> <input type=\"submit\" value=\"Submit\" onclick=\"event.preventDefault(); firefly_sc();\">  <\/p>\n<div class=\"firefly-sc-confirm\" style=\"display: none;\">Success!<\/div>\n<\/p><\/form>\n<\/p><\/div>\n<\/p><\/div>\n<p> <script> \t\t\tfunction firefly_sc() { \t\t\t\tif( typeof window.captchaPublicKey==typeof undefined ){ \t\t\t\t\tconsole.error('window.captchaPublicKey is not defined'); \t\t\t\t} \t\t\t\tgrecaptcha.execute( window.captchaPublicKey, { action: 'submit_correction' } ).then( function( token ) { \t\t\t\t\tvar opts={ \t\t\t\t\t\taction:    'firefly_sc_submit', \t\t\t\t\t\tname:      document.querySelector( '.entry-submit-correction [name=\"name\"]' ).value, \t\t\t\t\t\t:     document.querySelector( '.entry-submit-correction [name=\"\"]' ).value, \t\t\t\t\t\tmessage:   document.querySelector( '.entry-submit-correction [name=\"message\"]' ).value, \t\t\t\t\t\tpost_id:   firefly_post_id, \t\t\t\t\t\tcap_token: token \t\t\t\t\t}  \t\t\t\t\tvar inputs=[ 'name', '', 'message' ];  \t\t\t\t\tfor( var i=0; i <inputs.length; i++ ) if( ! ( opts[inputs[i]]=document.querySelector( '.entry-submit-correction [name=\"' + inputs[i] + '\"]' ).value ) ) { \t\t\t\t\t\tdocument.querySelector( '.entry-submit-correction .required-message' ).style.display='block'; \t\t\t\t\t\treturn; \t\t\t\t\t}  \t\t\t\t\tdocument.querySelector( '.entry-submit-correction input[type=\"submit\"]' ).style.display='none'; \t\t\t\t\tdocument.querySelector( '.entry-submit-correction .firefly-sc-submitting-img' ).src=firefly_loading_gif_url; \t\t\t\t\tdocument.querySelector( '.entry-submit-correction .firefly-sc-submitting-img' ).style.display='inline-block';  \t\t\t\t\tconsole.log( 'ma subbing' );  \t\t\t\t\tif( firefly_post_id ) opts['post_id']=firefly_post_id;  \t\t\t\t\t\/* Send the data using post with element id name and name2*\/ \t\t\t\t\tvar posting=jQuery.post( firefly_ajax_url, opts );  \t\t\t\t\t\/* Alerts the results *\/ \t\t\t\t\tposting.done( function( response ) { \t\t\t\t\t\tif( response.success ) { \t\t\t\t\t\t\tconsole.log( response.data ); \t\t\t\t\t\t\tdocument.querySelector( '.entry-submit-correction .firefly-sc-submitting-img' ).style.display='none'; \t\t\t\t\t\t\tdocument.querySelector( '.entry-submit-correction .firefly-sc-confirm' ).style.display='block';  \t\t\t\t\t\t\tdataLayer.push( { 'event': 'submit-correction' } ); \t\t\t\t\t\t} \t\t\t\t\t}); \t\t\t\t}); \t\t\t} \t\t<\/script>  <\/div>\n<div class=\"ff-fancy-header-container\">  <\/div>\n<style> \t\t\t \t\t\t.insticator-unit.type-commenting{margin: 0 10px 25px 10px}@media screen and (max-width:1060px){#div-insticator-ad-cmt-1, #div-insticator-ad-cmt-2, #div-insticator-ad-cmt-3, #div-insticator-ad-cmt-4{margin: 0 auto 25px auto !important;}}#div-insticator-ad-cmt-1, #div-insticator-ad-cmt-2, #div-insticator-ad-cmt-3, #div-insticator-ad-cmt-4{height: 280px !important; width: 336px !important} \t\t<\/style>\n<div class=\"insticator-unit type-commenting\">\n<div class=\"insticator-ads\">   <script data-cfasync=\"false\" type=\"text\/javascript\"> \t\t\t\t\tif ( ! getCookie( \"ff_subbed\" ) ) { \t\t\t\t\t\tInsticator.ad.loadAd(\"div-insticator-ad-cmt-1\"); \t\t\t\t\t\tInsticator.ad.loadAd(\"div-insticator-ad-cmt-2\"); \t\t\t\t\t} else { \t\t\t\t\t\tdocument.getElementById(\"div-insticator-ad-cmt-1\").remove() \t\t\t\t\t\tdocument.getElementById(\"div-insticator-ad-cmt-2\").remove() \t\t\t\t\t} \t\t\t\t<\/script> <\/div>\n<div class=\"insticator-ads additional\">   <script data-cfasync=\"false\" type=\"text\/javascript\"> \t\t\t\t\tif ( ! getCookie( \"ff_subbed\" ) ) { \t\t\t\t\t\tInsticator.ad.loadAd(\"div-insticator-ad-cmt-3\"); \t\t\t\t\t\tInsticator.ad.loadAd(\"div-insticator-ad-cmt-4\"); \t\t\t\t\t} else { \t\t\t\t\t\tdocument.getElementById(\"div-insticator-ad-cmt-3\").remove() \t\t\t\t\t\tdocument.getElementById(\"div-insticator-ad-cmt-4\").remove() \t\t\t\t\t} \t\t\t\t<\/script> <\/div>\n<\/p><\/div>\n<\/section>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The New York Times has recently released an article evaluating the impact of the federal Opportunity Zones program over the past six years. This initiative, introduced during the Trump administration, encourages investment in underprivileged communities by providing various tax benefits to investors, thereby highlighting these areas&#8217; needs. The publication acknowledges this importance and suggests that federal lawmakers should prioritize extending this significant legislation before it lapses in 2026. Established by the Tax Cuts and Jobs Act of 2017, the Opportunity Zones tax incentive allows wealthy investors to channel their funds into historically neglected communities through &#8220;Qualified Opportunity Zone Funds,&#8221; which support local businesses and real estate projects within these designated zones.<\/p>\n<p>Investors can enjoy tax-free appreciation on their investments if held for a decade. The policy was supported by a bipartisan group of legislators, including Senators Tim Scott (R-South Carolina) and Cory Booker (D-New Jersey), aiming to uplift overlooked communities through private investment. Their efforts have yielded remarkable results; according to Novogradac, a national professional services firm, Qualified Opportunity Zone Funds have raised nearly $40 billion in equity since 2019, with estimates suggesting that $120 to $160 billion has been deployed\u2014over half of which has gone towards new housing developments\u2014a significant benefit for financially strained governments and residents facing housing challenges.<\/p>\n<p>During a visit from the Ways and Means Committee to Erie, PA, they heard firsthand from business owners and community members about how successful the Trump tax cuts and opportunity zone program have been. Even in its early years, this tax incentive has rapidly transformed local economies. In South Carolina&#8217;s Opportunity Zones, there have been increases in median household incomes alongside decreases in poverty rates and unemployment levels. Similarly, Erie\u2014once known for having one of America&#8217;s poorest zip codes\u2014has attracted over $400 million in long-term capital investments due to its Opportunity Zone designation.<\/p>\n<p>This translates into more savings for families, improved financial stability for individuals struggling to make ends meet, and increased employment opportunities across America. Much of this success is attributed to the policy&#8217;s free-market incentives; by lowering taxes on investments made in underserved areas, affluent individuals are encouraged to invest their money there.<\/p>\n<p>With nearly 40 million Americans living below the poverty line amid rising living costs now more than ever is crucial for underserved neighborhoods to receive funding opportunities. This urgency led federal legislators last year to propose H.R. 5761\u2014the Opportunity Zones Transparency Extension Improvement Act\u2014which aims to prolong tax benefits associated with this program until 2028. While making these zones permanent would be ideal within our nation&#8217;s tax framework extending them represents progress likely leading toward an influx of capital.<\/p>\n<p>If approved such continued financial support could foster sustained economic growth reduce poverty levels while generating jobs within some of our most disadvantaged communities\u2014a sentiment echoed by former President Donald Trump who referred it as \u201cone of our country\u2019s most successful economic development acts.\u201d The federal Opportunity Zones initiative has already revitalized numerous neglected areas so lawmakers must prioritize passing its extension ensuring ongoing benefits well into future years.<br \/>\nShay Hawkins serves as President at Opportunities Funds Association Jill Homan leads Javelin19 Investments Emily Lavery holds Vice Presidency at Fulcrum Public Affairs These opinions expressed herein belong solely authors not necessarily reflecting views endorsed website owners Interested parties may explore submission guidelines contributing Op-Ed pieces Western Journal here<\/p>\n","protected":false},"author":1,"featured_media":2330308,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.westernjournal.com\/wp-content\/uploads\/2024\/08\/Opportunity-zone.jpg","fifu_image_alt":"","footnotes":""},"categories":[33651],"tags":[38753,15322,38835,36479,4494],"class_list":["post-2330307","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-western-journal","tag-community-support","tag-op-ed","tag-public-policy","tag-social-issues","tag-trump-era"],"fifu_image_url":"https:\/\/www.westernjournal.com\/wp-content\/uploads\/2024\/08\/Opportunity-zone.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2330307","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2330307"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2330307\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2330308"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2330307"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2330307"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2330307"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}