Miller, Kelly, Sewell, Kildee Introduce the OZ Transparency Extension and Improvement Act

WASHINGTON, D.C. - Today, Congresswoman Carol Miller (R-WV) joined Representatives Mike Kelly (R-PA), Terri Sewell (D-AL), and Dan Kildee (D-MI) in introducing the bipartisan OZ Transparency Extension and Improvement Act. This bill will require mandatory data reports of Opportunity Zone investments to increase transparency on the streamlining reporting process on projects in rural communities.

Click here for bill text.
 
“Creating Opportunity Zones have promoted businesses to settle in southern West Virginia and communities across the country. Promoting high-impact projects, particularly in rural and overlooked areas, will set future generations up for success and drive economic growth. The Opportunity Zones Transparency, Extension, and Improvement Act will advance success across the United States and establish a standard that all opportunity zone policies should follow,” said Congresswoman Miller.
 
"Opportunity Zones have breathed new life into neighborhoods and Main Street businesses that have not seen private investment in years, all without spending a single taxpayer dollar," Rep. Kelly said. "This legislation builds upon the successes of Opportunity Zones and now adds new guidelines to make sure this program can benefit more communities for years to come."
 
Background:

• Opportunity Zones are tax incentives which were established to drive capital to impoverished and overlooked communities across the United States. 

The OZ Transparency Extension and Improvement Act will:

• Extend the incentive for two years in order to facilitate continued investment,
• Reinstate and expand reporting requirements,
• Early sunset Opportunity Zones that are not impoverished,
• Create pathways for smaller-dollar impact investments,
• Provide operating support and technical assistance to high-poverty and underserved communities through a State and Community Dynamism Fund,
• Designate certain brownfield tracts as OZ's.

Congresswoman Miller spoke during a field hearing in West Virginia on Opportunity Zones being established in the Tax Cuts and Jobs Act and the impact they have on communities in West Virginia that need them most.
 

###