Expanding Opportunity Zones Act of 2021

Bill 117 HR 4177, also known as the Expanding Opportunity Zones Act of 2021, aims to expand the Opportunity Zones program created by the Tax Cuts and Jobs Act of 2017. The Opportunity Zones program is designed to incentivize investment in economically distressed communities by providing tax benefits to investors who put their money into designated zones.

The Expanding Opportunity Zones Act of 2021 seeks to broaden the scope of the program by allowing governors to designate additional census tracts as Opportunity Zones, beyond the current limit of 25% of eligible census tracts in each state. This expansion would give states more flexibility in targeting areas in need of investment.

Additionally, the bill includes provisions to increase transparency and accountability in the program by requiring the Treasury Department to report on the impact of Opportunity Zones on job creation, poverty reduction, and other economic indicators. This reporting requirement aims to ensure that the program is effectively achieving its goals of revitalizing distressed communities. Overall, the Expanding Opportunity Zones Act of 2021 is intended to build upon the success of the Opportunity Zones program and further promote economic development in underserved areas across the United States.