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1 Scott Eastman & Nicole Kaeding, Opportunity Zones: What We Know and What We Don't 1 (2019)

handle is hein.taxfoundation/txfoz0001 and id is 1 raw text is: Opportunity Zones: u .7, What We Know and What We Don't FISCAL FACT Scott Eastman Nicole Kaeding No. 630 Federal Research Manager Director of Federal Projects Jan. 2019 Key Findings * The Tax Cuts and Jobs Act created the Opportunity Zones program to spur investment in economically distressed census tracts. Opportunity zones reduce capital gains taxes for individuals and businesses who invest in qualified opportunity zones. * Opportunity zones were estimated to cost $1.6 billion in revenue from 2018- 2027. New regulations stipulate that the program's benefits would continue through 2047, meaning the program's revenue impact could increase over time depending on how many investors utilize the program. * Research suggests place-based incentive programs redistribute rather than generate new economic activity, subsidize investments that would have occurred anyway, and displace low-income residents by increasing property values and encouraging higher skilled workers to relocate to the area. * While opportunity zones present certain budgetary and economic costs, it is unclear whether opportunity zone tax preferences used to attract investment will actually benefit distressed communities. The Tax Foundation is the nation's leading independent tax policy research organization. Since 1937, our research, analysis, and experts have informed smarter tax policy at the federal, state, and local levels. We are a 501(c)(3) nonprofit organization. @2019 Tax Foundation Distributed under Creative Commons CC-BY NC 4.0 Editor, Rachel Shuster Designer, Dan Carvajal Tax Foundation 1325 G Street, NW, Suite 950 Washington, DC 20005 202.464.6200 taxfoundation.org

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