Representatives Michelle Steel (R-CA), Burgess Owens (R-UT), María Salazar (R-FL), and Carlos Giménez (R-FL) have introduced The Growth and Opportunity Act (H.R. 4608) to extend opportunity zones past their current expiration of 2026.
Created as part of the Tax Cut and Jobs Act of 2017, the opportunity zone program offers potentially significant tax benefits to investors who invest in lower income census tracts known as “opportunity zones.” There are more than 8,760 qualified opportunity zones across the U.S.
The legislation would provide for the designation of new qualified opportunity zones every 10 years, and a new opportunity zone tax incentive round would begin on January 1, 2027.
“Opportunity zones are an invaluable economic development tool proven to boost investment and job creation in distressed communities…,” said Rep. Owens. “I’m proud to join this renewed effort to spread opportunity in every corner of the country.”