Miller Highlights Benefits of Opportunity Zones for Small Businesses in a Ways and Means Field Hearing
Washington, D.C. – Yesterday, Congresswoman Carol Miller (R-WV) participated in a Ways and Means Tax Subcommittee Field Hearing in Erie, Pennsylvania to discuss how the Tax Cuts and Jobs Act promoted small businesses and policies such as Opportunity Zones (OZ), which have positively benefited small business owners in rural areas across the country.
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Congresswoman Miller began by highlighting her own struggles and experience as a business owner, and how Opportunity Zones are an effective tool to help invest in communities.
“I think we’ve established the importance of keeping the Tax Cuts and Jobs Act. It’s so important and it's what's coming ahead. I bought apartments and I painted them when I couldn't afford somebody else to do it. I've been ankle deep in sump pump water. I'm a small business owner. I'm an LLC. I am not a bad person for being a corporation. I can remember those huge printouts every time I had to make a payment; I'd mark it off. My interest was huge. People who make policy don't often understand the risk that people in business take, small businesses in particular. Those small business people are the ones that support the Little League teams, that help the Boy Scouts, and Girl Scouts. They're the ones that are reinvesting in their people and in their community. West Virginia is about 95% small businesses. I do represent rural West Virginia, and we live in a community that's very similar here. We have suffered from bad policy and bad ideas, but like these Opportunity Zones, they have become a very effective tool to help investment in our communities. I saw so many plants leaving in the ‘80s and in the ‘90s because of policy, so it's so important that we do what we do. I'm an original cosponsor of Chairman Kelly's Opportunity Zones and Transparency Extension and Improvement Act, and I strongly support it,” said Congresswoman Miller.
Congresswoman Miller asked Drew Whiting, CEO of Erie Downtown Development Corporation, for the timeframe of when he began to see the benefits of the Opportunity Zone policies and why it’s important to extend the program.
“Mr. Whiting, thank you for being here. I'm impressed what I've heard about Erie’s development today. We're redeveloping Huntington and Charleston along our main streets in our town. Can you explain how long it’s taken for Erie to see the benefits of the Opportunity Zone program and why it’s so important that it should be extended?” asked Congresswoman Miller.
“At the beginning of our seventh year of action on this right now, and I would say that we're probably a year and a half into seeing some of these benefits. It does take a while and that's because development takes some time, and for the effects to take hold after that will take time as well. We need more time,” responded Mr. Whiting.
Congresswoman Miller ended her questioning by asking Mr. Whiting to explain his experience with using OZs to address the housing shortage in Erie.
“Housing is also a big issue in West Virginia and in my district, and we do have access to more recent data, which indicates the OZs have had such a significant impact on adding to our housing supply. It's up from 8% before designation, so we also know that this new activity has a positive spillover in our neighboring communities. Can you also speak about your experiences of using OZs to address the housing shortage here in Erie?” asked Congresswoman Miller.
“Our OZ work has resulted in about 110 new apartments where 14 existed prior. It's also spurred on additional activity that has led to efforts at more supportive and low income, affordable housing around the community. We have something to work for. This is a place worth investing in. This is a place worth creating new housing in now. So the organizations like the Hamot Health Foundation, the Community Foundation, are doing that work. I'm not sure that there would be the impetus to do it 10 years ago,” responded Mr. Whiting.
“Thank you, all of you for being here and taking the time today. We really appreciate it. God bless you,” said Congresswoman Miller.
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